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NEW YORK – L’année dernière est à marquer d’une pierre blanche. Après la faillite de Lehman Brothers en septembre 2008, il a fallu redonner artificiellement vie aux marchés qui s’étaient écroulés. Rien de tel ne s’était produit depuis la Grande Dépression des années 1930.

Cet écroulement n'est pas dû à un facteur externe, ce qui est extraordinaire, mais à un dérèglement interne du système, qui s’est ensuite généralisé à l’économie de la planète. Ce phénomène était quasiment inattendu, puisque l'opinion qui prévalait était que les marchés financiers se régulaient d'eux-mêmes.

Nous savons désormais que ce n’est pas le cas. Ayant trop dérégulé les marchés, nous devons toutefois résister au naturel qui nous pousserait à surcompenser. Les marchés sont imparfaits, certes. Mais les régulateurs sont des êtres humains, soumis à la bureaucratie et à une certaine influence politique. Nous devons donc limiter la régulation au maximum.

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