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.

To continue reading, please log in or enter your email address.

Registration is quick and easy and requires only your email address. If you already have an account with us, please log in. Or subscribe now for unlimited access.

required

Log in

http://prosyn.org/vTomTQy/fr;
  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?

  2. The assembly line at Ford Bill Pugliano/Getty Images

    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.

  3. Donald Trump Saul Loeb/Getty Images

    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.

  4. A general view of the Corn Market in the City of Manchester Christopher Furlong/Getty Images

    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.

  5. UK supermarket Waring Abbott/Getty Images

    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.

    Order now