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Pour un nouveau Bretton Woods

AUSTIN, TEXAS – Du fait de la crise financière de 2008; des voix se sont élevées pour appeler à un système financier qui réduise les déséquilibres commerciaux, freine les flux financiers liés à la spéculation et évite une contagion systémique. C'était précisément l'objectif initial du système de Bretton Woods. Mais aujourd'hui un tel systéme n'est pas souhaitable et ne pourrait d'ailleurs pas fonctionner. Quelle est l'alternative ?

En 1944, la conférence de Bretton Woods a été le théâtre d'un affrontement entre deux hommes et entre deux visions différentes : Harry Dexter White, le représentant du président Roosevelt, et Keynes qui représentait un empire britannique en déclin. Il n'est donc pas étonnant que le plan White basé sur l'excédent commercial américain d'après-guerre l'ait emporté. Il était destiné à "dollariser" l'Europe et le Japon en échange de leur accord pour laisser les mains libres aux USA en matière de politique monétaire internationale. Le nouveau système d'après-guerre a servi de fondation aux heures de gloire du capitalisme – jusqu'à ce que l'excédent commercial américain fonde et que le plan White s'écroule.

La question qui est revenue périodiquement au cours des 10 dernières années est simple : rejeté en 1944, le plan de Keynes conviendrait-il à notre monde multipolaire de l'après 2008 ?

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