Paul Lachine

Relancer l’emploi

BERKELEY – Le chômage grimpe aujourd’hui en flèche, parce que les entreprises qui devraient normalement étendre leurs activités et embaucher ne le font pas et que les entreprises qui devaient réduire leurs activités et licencier le font très rapidement. Les entreprises qui devraient se développer et embaucher ne le peuvent pas, parce que les prix généralement déprimés des actifs financiers ne leur permettent pas d’emprunter ou de vendre des obligations de manière rentable.

Dans cette situation, les banques centrales devraient racheter, en aussi grande quantité que possible, des obligations d’État contre des liquidités pour faire monter leur prix autant que possible. La hausse du prix des obligations d’État déplacera la demande vers des obligations hypothécaires ou de sociétés, faisant également monter leur prix.

Même après que les banques centrales aient fait grimper les obligations d’État autant que possible, elles devraient continuer à racheter des obligations d’État contre des liquidités dans l’espoir que ceux qui ont les moyens dépenseront plus, ce qui devrait avoir pour effet direct de créer des emplois pour les chômeurs.

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