Le capitalisme est-il condamné ?

NEW-YORK – Ainsi que le montrent la volatilité massive de la Bourse et la correction des valeurs boursières qui frappent les marchés financiers mondiaux, les économies avancées sont au bord d'une récession à double creux. Une crise financière et économique due à un endettement trop important du secteur privé a conduit à un réendettement massif du secteur public afin d'éviter une deuxième Grande dépression. Mais de ce fait, le redémarrage qui a suivi a été anémique dans la plupart des pays avancés.

La concomitance d'un prix élevé du pétrole et des matières premières, des troubles au Moyen-Orient, du tremblement de terre et du tsunami au Japon, de la crise de la dette dans la zone euro et des problèmes budgétaires américains (avec maintenant la baisse de sa notation par les agences spécialisées) ont provoqué une brusque hausse de l'aversion aux risques. Sur le plan économique, les USA, la zone euro et le Royaume-Uni tournent au ralenti. Même les pays émergents à croissance rapide (la Chine, certains autres pays d'Asie et d'Amérique latine) et les pays dont l'économie est basée sur l'exportation (l'Allemagne et l'Australie, pays riche en ressources naturelles) vers les marchés émergents connaissent eux aussi un fort ralentissement.

Jusqu'à l'année dernière, les responsables politiques parvenaient toujours à proposer une solution pour regonfler le prix des actifs et relancer l'économie. Des plans de stimulation budgétaire, des taux d'intérêt proches de zéro, deux périodes de relâchement monétaire, le confinement de la dette, des milliers de dollars dépensés dans des plans de sauvetage et des provisions de liquidité pour les banques et les institutions financières, les gouvernements ont tout essayé et les voici maintenant démunis.

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