Ted Cruz Branden Camp via ZUMA Wire

Réformer ou déformer la Fed ?

BERKELEY – La période creuse de la campagne présidentielle aux États-Unis a pris une tournure particulièrement absurde avec les propositions de réforme de la politique monétaire par les candidats. Ce n'est bien évidemment pas la première fois que les candidats aux élections présidentielles proposent de modifier la conduite de la politique monétaire américaine. Mais la nature radicale et parfois insensée de la cuvée actuelle des programmes est exceptionnelle comparée aux normes historiques.

La raison de l'attrait de ces propositions pour les candidats et les électeurs potentiels n'a rien de bien mystérieux. Depuis la crise financière, la Réserve fédérale américaine a pris une série de mesures sans précédent : la baisse des taux d'intérêt à zéro, l'expansion massive de son bilan et le renflouement des institutions financières en difficulté. Ces mesures étaient destinées à traiter les maux de l'économie, mais cette même association à ces maux encourage la croyance qu'elles en sont en quelque sorte la cause sous-jacente.

De même, la participation de la Fed au sauvetage des institutions financières en difficulté est critiquée pour avoir préféré sauver la Bourse de Wall Street plutôt que l'Américain moyen. En outre, la Fed est vivement tenue pour responsable de la création des inégalités, d'abord par son maintien de taux d'intérêt bas, qui porte préjudice aux personnes à revenus fixes et à présent par son augmentation des taux, qui met un frein à la croissance des salaires.

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