Et la confiance dans tout ça ?

CAMBRIDGE – L'anniversaire de l'effondrement de la vénérable banque d'investissement Lehman Brothers aura lieu dans un mois. Cette banqueroute marque le début d’une récession mondiale et d’une crise financière, d’une ampleur encore inconnue depuis la Grande Dépression de 1930. Mais avons-nous, au bout d’un an, des milliers de milliards de dollars d’argent  dépensé et bien des débats intérieurs chez les responsables de l’élaboration des politiques du monde entier, retenu la leçon? Je crains que non.

Le consensus qui prévaut parmi les responsables politiques est que si le gouvernement avait sauvé Lehman, l’histoire n’aurait été qu’un hoquet et non une crise cardiaque. Des investisseurs célèbres, tout comme d'importants décideurs politiques, sont d’avis que dans notre économie mondiale supra-connectée, un institut financier de la taille de Lehman n’avait pas le droit à l’échec. En dépit de la mauvaise qualité de sa gestion – au fond Lehman est devenue une société d’immobilier à la merci totale d’une bulle de l’immobilier constante aux Etats-Unis – les créditeurs d’une grande institution financière devraient toujours être remboursés. Sinon, la confiance dans le système s’en trouve sapée et le chaos éclate.

Comprenant qu’il fallait éviter une restructuration financière à tout prix, les gouvernements sur tout le globe ont jeté un énorme filet de sécurité aux banques (et à des pays entiers en Europe orientale), tissé en dollars versés par les contribuables.

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