Vers davantage de planification centralisée ?

BERKELEY – Depuis plus de 170 ans, l'idée selon laquelle il ne faut pas faire confiance aux marchés en cas de resserrement des liquidités est parfaitement admise. Quand on en arrive au point où même le prix des actifs jugés comme les plus sûrs s'effondre, tandis que les taux d'intérêt grimpent à des niveaux faramineux - parce que les traders et les financiers dans leur ensemble veulent d'avantage d'actifs liquides qu'il n'en existe - il est dangereux de compter sur le marché pour redresser la situation.

Dans ces circonstances, les banques centrales doivent intervenir pour fixer le prix des liquidités à un niveau raisonnable - il dépend alors d'une planification centralisée - plutôt que de le laisser osciller au gré de l'offre et de la demande du secteur privé. C'est la doctrine du "prêteur de dernier recours".

Durant 85 de ces 170 dernières années, l'idée qu'il ne faut non plus faire confiance aux marchés en période normale était également  admise, de crainte que cela ne conduise à un resserrement des liquidités ou à une bulle inflationniste. On a donc estimé que les banques centrales doivent fixer le prix des liquidités au jour le jour.

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