L'illusion de la dévaluation revisitée

« Le dollar est notre devise et votre problème. » Telle a été la remarque sarcastique du ministre des Finances avant que le président Nixon ne mette le holà au système de Bretton Woods trois décennies auparavant. La franchise de John Connolly a reflété la capacité (et l'enthousiasme) de l'Amérique à exporter ses problèmes économiques en dépréciant la valeur du dollar tout en prenant comme boucs émissaires les pays opposés à cette stratégie. Le président George W. Bush semble décidé à répéter la politique douteuse de Nixon.

Tout comme l'équipe Nixon/Connolly, l'administration Bush répond aux déficits budgétaires et commerciaux massifs de l'Amérique en laissant le dollar chuter ( durement ) tout en tentant de détourner l'attention de sa responsabilité en la matière en pointant un doigt accusateur sur la Chine qui est ainsi tenue pour responsable du chômage et des pressions déflationnistes des Etats-Unis. Cette stratégie n'a toutefois que peu de chances de se révéler aussi payante qu'elle l'a été pour Nixon, qui n'a réussi qu'à inaugurer une ère de stagnation.

La politique de Bush est vouée à l'échec car, comme dans les années 1970, les problèmes économiques de l'Amérique sont internes à ce pays. Ils ne sont pas importés et ils ne peuvent pas être résolus simplement en changeant la valeur du dollar.

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