La vérité venue d’en haut

WASHINGTON, DC – Il est assez inhabituel pour un haut fonctionnaire du gouvernement de produire un article analytique clair et concis. C’est encore plus rare lorsque l'argument du fonctionnaire s’attaque au cœur du problème et représente une critique dévastatrice de l'ordre existant.

C’est pourtant exactement ce qu’a fait Thomas M. Hoenig, vice-président de la Federal Deposit Insurance Corporation des États-Unis (FDIC), dans un discours prononcé le 24 février. Ces quatre pages doivent absolument être lues, non seulement par les décideurs économiques du monde entier, mais aussi par toute personne qui se soucie de la direction qu’est en train de prendre le système financier mondial.

Hoenig, un ancien président de la Federal Reserve Bank de Kansas City, a consacré sa carrière à travailler sur les questions liées à la réglementation financière. Il communique efficacement vers un large public – et il n’est pas nécessaire de comprendre les subtilités de la finance pour saisir ses principaux arguments.

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  1. An employee works at a chemical fiber weaving company VCG/Getty Images

    China in the Lead?

    For four decades, China has achieved unprecedented economic growth under a centralized, authoritarian political system, far outpacing growth in the Western liberal democracies. So, is Chinese President Xi Jinping right to double down on authoritarianism, and is the “China model” truly a viable rival to Western-style democratic capitalism?

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    Whither the Multilateral Trading System?

    The global economy today is dominated by three major players – China, the EU, and the US – with roughly equal trading volumes and limited incentive to fight for the rules-based global trading system. With cooperation unlikely, the world should prepare itself for the erosion of the World Trade Organization.

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    The Globalization of Our Discontent

    Globalization, which was supposed to benefit developed and developing countries alike, is now reviled almost everywhere, as the political backlash in Europe and the US has shown. The challenge is to minimize the risk that the backlash will intensify, and that starts by understanding – and avoiding – past mistakes.

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    A Better British Story

    Despite all of the doom and gloom over the United Kingdom's impending withdrawal from the European Union, key manufacturing indicators are at their highest levels in four years, and the mood for investment may be improving. While parts of the UK are certainly weakening economically, others may finally be overcoming longstanding challenges.

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    The UK’s Multilateral Trade Future

    With Brexit looming, the UK has no choice but to redesign its future trading relationships. As a major producer of sophisticated components, its long-term trade strategy should focus on gaining deep and unfettered access to integrated cross-border supply chains – and that means adopting a multilateral approach.

  6. The Year Ahead 2018

    The world’s leading thinkers and policymakers examine what’s come apart in the past year, and anticipate what will define the year ahead.

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