people shopping Peter Macdiarmid | getty images

Face à l'épouvantail fiscal

BERKELEY – L'économie mondiale est visiblement en train de sombrer et les décideurs qui sont censés en être les gardiens sont en train de se mettre eux-mêmes des bâtons dans les roues. C'est du moins ce que suggèrent les résultats du sommet du G-20 qui a eu lieu à Shanghai à la fin du mois dernier.

Le Fonds Monétaire International, juste après avoir revu à la baisse ses prévisions pour la croissance mondiale, a mis prévenu les participants du G-20 d'une autre baisse imminente. Malgré cela, tout ce qui a émergé de la réunion a été une déclaration anodine sur la poursuite des réformes structurelles et des recommandations en vue d'éviter les politiques du chacun pour soi.

Encore une fois, (pour reprendre un air bien connu), la politique monétaire reste la seule option disponible actuellement. Les banques centrales ont maintenu des taux bas durant la plus grande partie des huit années écoulées. Elles ont expérimenté l'assouplissement quantitatif. Dans leur dernière contorsion, elles ont inventé les taux d'intérêt réels négatifs.

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