Trop gros pour vivre

NEW YORK – Une nouvelle controverse fait rage : que requièrent les nouvelles régulations pour restaurer la confiance dans le système financier et s’assurer qu’une autre crise ne survienne à nouveau d’ici quelques années. Le Gouverneur de la Banque d’Angleterre, Mervyn King, a demandé que soient imposées des restrictions sur le genre d’activités dans lesquelles peuvent s’engager les méga-banques. Le Premier Ministre, Gordon Brown, pour sa part, prêche tout autre chose. Car après tout, la première banque britannique à tomber fut la Northern Rock dont la principale activité était le crédit immobilier, ce qui a coûté quelques 50 milliards de dollars.

Selon Brown, de telles restrictions n’empêcheront pas la survenue d’une autre crise. Mais King a raison d’exiger que soient bridées les banques qui sont trop importantes pour faire faillite. Aux Etats-Unis, en Grande Bretagne, et ailleurs, les grandes banques sont responsables d’une grande part du surcoût que les contribuables ont dû assumer. L’Amérique a laissé 106 banques plus petites faire faillite, ne serait-ce que cette année. Ce sont les méga-banques qui entrainent les méga-coûts.

La crise est le résultat d’au moins huit défaillances qui bien que distinctes sont interconnectées :

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  1. Sean Gallup/Getty Images

    Angela Merkel’s Endgame?

    The collapse of coalition negotiations has left German Chancellor Angela Merkel facing a stark choice between forming a minority government or calling for a new election. But would a minority government necessarily be as bad as Germans have traditionally thought?

  2. Trump Trade speech Bill Pugliano/Getty Images .

    Preparing for the Trump Trade Wars

    In the first 11 months of his presidency, Donald Trump has failed to back up his words – or tweets – with action on a variety of fronts. But the rest of the world's governments, and particularly those in Asia and Europe, would be mistaken to assume that he won't follow through on his promised "America First" trade agenda.

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    The Platform Economy

    While developed countries in Europe, North America, and Asia are rapidly aging, emerging economies are predominantly youthful. Nigerian, Indonesian, and Vietnamese young people will shape global work trends at an increasingly rapid pace, bringing to bear their experience in dynamic informal markets on a tech-enabled gig economy.

  4. Trump Mario Tama/Getty Images

    Profiles in Discouragement

    One day, the United States will turn the page on Donald Trump. But, as Americans prepare to observe their Thanksgiving holiday, they should reflect that their country's culture and global standing will never recover fully from the wounds that his presidency is inflicting on them.

  5. Mugabe kisses Grace JEKESAI NJIKIZANA/AFP/Getty Images

    How Women Shape Coups

    In Zimbabwe, as in all coups, much behind-the-scenes plotting continues to take place in the aftermath of the military's overthrow of President Robert Mugabe. But who the eventual winners and losers are may depend, among other things, on the gender of the plotters.

  6. Oil barrels Ahmad Al-Rubaye/Getty Images

    The Abnormality of Oil

    At the 2017 Abu Dhabi Petroleum Exhibition and Conference, the consensus among industry executives was that oil prices will still be around $60 per barrel in November 2018. But there is evidence to suggest that the uptick in global growth and developments in Saudi Arabia will push the price as high as $80 in the meantime.

  7. Israeli soldier Menahem Kahana/Getty Images

    The Saudi Prince’s Dangerous War Games

    Saudi Arabia’s Crown Prince Mohammed bin Salman is working hard to consolidate power and establish his country as the Middle East’s only hegemon. But his efforts – which include an attempt to trigger a war between Israel and Hezbollah in Lebanon – increasingly look like the work of an immature gambler.