{"id":69229,"date":"2007-09-16T00:00:00","date_gmt":"2007-09-16T00:00:00","guid":{"rendered":"https:\/\/new.dedefensa.org\/index.php\/2007\/09\/16\/la-crise-et-la-specificite-britannique\/"},"modified":"2007-09-16T00:00:00","modified_gmt":"2007-09-16T00:00:00","slug":"la-crise-et-la-specificite-britannique","status":"publish","type":"post","link":"https:\/\/new.dedefensa.org\/index.php\/2007\/09\/16\/la-crise-et-la-specificite-britannique\/","title":{"rendered":"La crise et la sp\u00e9cificit\u00e9 britannique"},"content":{"rendered":"<p><p> D&rsquo;autre part et quoi qu&rsquo;il en soit, il n&rsquo;est pas indiff\u00e9rent que l&rsquo;un des pays les plus frapp\u00e9s par la crise venue de nulle part,  c&rsquo;est-\u00e0-dire des USA,  soit, conform\u00e9ment aux normes des <em>special relationships<\/em>, le Royaume-Uni. Depuis vendredi, le royaume vit au rythme effr\u00e9n\u00e9 du chaos de la banque Northern Rock,  \u00ab<em>Britain&rsquo;s fifth biggest mortgage lender and the former<\/em> <strong><em>darling<\/em><\/strong> <em>of the financial markets<\/em>\u00bb (soulign\u00e9 sardoniquement en gras par nous), selon un Will Hutton furieux, dans <em>The Observer<\/em> d&rsquo;<a href=\"http:\/\/www.guardian.co.uk\/commentisfree\/story\/0,,2170439,00.html\" class=\"gen\">aujourd&rsquo;hui<\/a>. C&rsquo;est la panique dans les rues, pour aller retirer son argent de cette banque aussi solide que le rocher de Gibraltar,  \u00ab<em>a full-blown run on a bank, something we have not seen on such a scale since the 19th century<\/em>\u00bb, poursuit Hutton, de plus en plus furieux,  et qui encha\u00eene enfin: \u00ab<em>and a measure of the depth of mismanagement, non-regulation and structural dysfunctionality of today&rsquo;s financial system<\/em>\u00bb.<\/p>\n<\/p>\n<p><p>\tBref, voil\u00e0 qu&rsquo;on commencerait \u00e0 s&rsquo;interroger sur le syst\u00e8me. Pourtant, les choses manquent-elles de logique, voire de justice? Est-il tellement incompr\u00e9hensible que le Royaume-Uni, qui navigue depuis un quart de si\u00e8cle sur les  extr\u00eames les plus mirobolants du syst\u00e8me, sous les applaudissements du reste du monde abasourdi (l&rsquo;Angleterre de Blair, mod\u00e8le des d\u00e9clinistes fran\u00e7ais pour redresser la France, n&rsquo;est-il pas?),  est-il tellement incompr\u00e9hensible que cette nation soit frapp\u00e9e en priorit\u00e9? Dans tous les cas, cela conduit \u00e0 une mise en branle de ce qui pourrait devenir un d\u00e9cha\u00eenement d&rsquo;appr\u00e9ciations critiques et de critiques acides des uns et des autres<\/p>\n<\/p>\n<p><p>\tDiff\u00e9rence essentielle, dans l&rsquo;esprit de la chose qui, \u00e0 notre sens, refl\u00e8te le sens profond des \u00e9v\u00e9nements: dans la crise des ann\u00e9es 1997-98, c&rsquo;\u00e9taient les pays non-align\u00e9s et\/ou forc\u00e9s d&rsquo;entrer dans le syst\u00e8me qui souffrirent, notamment la Russie et l&rsquo;Argentine. Aujourd&rsquo;hui, c&rsquo;est l&rsquo;un des pays-phares du syst\u00e8me qui est frapp\u00e9. Ici (ann\u00e9es 1990), la globalisation triomphait; l\u00e0 (temps pr\u00e9sent), elle s&rsquo;ab\u00eeme dans la crise. Dans le premier cas, on applaudissait presque, jugeant n\u00e9cessaire que les impies en passassent par la th\u00e9rapie de choc avant d&rsquo;\u00eatre admis \u00e0 tous les fastes et honneurs de la conversion. Aujourd&rsquo;hui, on grince des dents parce qu&rsquo;il semblerait bien que les fondements du sacrement soient en cause et c&rsquo;est m\u00eame le temps des r\u00e8glements de compte plus ou moins feutr\u00e9s.<\/p>\n<\/p>\n<p><p>\t Les conservateurs commencent \u00e0 lancer des attaques s\u00e9rieuses contre les travaillistes au pouvoir depuis 1997 sur cette question de l&rsquo;assise financ\u00e8re du royaume. Ce qu&rsquo;ils leur reprochent, si l&rsquo;on s&rsquo;en tient aux d\u00e9clarations de Cameron reproduites par le m\u00eame <em>Observer<\/em> <a href=\"http:\/\/observer.guardian.co.uk\/uk_news\/story\/0,,2170336,00.html\" class=\"gen\">aujourd&rsquo;hui<\/a>, c&rsquo;est d&rsquo;avoir \u00e9t\u00e9 un peu trop dans le sens du syst\u00e8me qu&rsquo;eux-m\u00eames (les conservateurs) patronnent depuis tant de temps, notamment pour ce qui concerne l&rsquo;oc\u00e9an d&rsquo;endettement qu&rsquo;est devenu le Royaume-Uni, et sur lequel s&rsquo;est b\u00e2ti la croissance dont tout le monde faisait, il y a quelques mois encore, l&rsquo;honneur et la vertu du tandem Blair-Brown:<\/p>\n<\/p>\n<p><p>\t\u00ab<em>In the first signs of political fallout from the crisis, David Cameron accused Gordon Brown of failing to rein in public and private borrowing over the last decade, saying the nation&rsquo;s economic growth is based on a mountain of debt. Writing in today&rsquo;s Sunday Telegraph, the Tory leader says: This government has presided over a huge expansion of public and private debt without showing awareness of the risks involved.<\/em><\/p>\n<\/p>\n<p><p>\t\u00bb<em>Though the current crisis may have had its trigger in the United States&#8230; under Labour our economic growth has been built on a mountain of debt.<\/em>\u00bb<\/p>\n<\/p>\n<p><p>\t Les milieux financiers, par la voix feutr\u00e9e mais de plus en plus s\u00e9v\u00e8re du <em>Financial Times<\/em>, montrent un certain d\u00e9sir de s&rsquo;offrir le scalp du directeur de la Banque d&rsquo;Angleterre, dont on dit que la manuvre n&rsquo;a pas \u00e9t\u00e9 impeccable durant l&rsquo;affaire de la Northern Rock; lui, l&rsquo;int\u00e9griste du non-interventionnisme volant au secours de Northern Rock En \u00e9crivant ceci, le  <a href=\"http:\/\/www.ft.com\/cms\/s\/0\/523c3f4c-62ff-11dc-b3ad-0000779fd2ac.html\" class=\"gen\">14 septembre<\/a>, Chris Giles parlait pour beaucoup de monde, y compris en Europe et \u00e0 la BCE :<\/p>\n<\/p>\n<p><p>\t\u00ab<em>Given the Bank of England&rsquo;s firm and principled stance against bailing out banks that have made risky lending decisions, its willingness to lead a rescue of Northern Rock may legitimately raise some eyebrows.<\/em><\/p>\n<\/p>\n<p><p>\t\u00bb<em>Never has the reputation and credibility of Mervyn King, the Bank&rsquo;s governor, dangled from such a thin thread. By accepting far lower-quality collateral from Northern Rock in return for pristine central bank money, the Bank is gambling  with taxpayers&rsquo; cash  that Northern Rock&rsquo;s borrowers will maintain their low-default record.<\/em><\/p>\n<\/p>\n<p><p>\t\u00bb<em>The Bank has also created moral hazard: other banks will consider riskier lending decisions in future in the knowledge that if they cannot fund themselves, the central bank will step in.<\/em>\u00bb<\/p>\n<\/p>\n<p><p>\tPour terminer et en revenir \u00e0 la col\u00e8re de Hutton, finalement :<\/p>\n<\/p>\n<p><p>\t\u00bb<em>Make no mistake. Britain&rsquo;s financial system is in the most precarious position since the war. In 1974, there was a banking crisis caused by banks lending far too much on speculative property deals, but the so-called &lsquo;secondary&rsquo; banks were then at the periphery of the system.<\/em><\/p>\n<\/p>\n<p><p>\t\u00bb<em>The inter-bank market continued to function. There was no public run on a bank the size of Northern Rock. And the British system was not so closely linked to the fate of the American mortgage market or, indeed, to the Chinese economy, where British banks have paid top prices for stakes in valueless Chinese banks whose bad lending makes Northern Rock look positively virtuous.<\/em><\/p>\n<\/p>\n<p><p>\t\u00bb<em>So the stakes are much higher now, hence the Bank of England&rsquo;s bail-out  and my guess is that there is more to come. The potential impact on house prices and the wider economy is obvious; even if a downturn is averted, these risks should never have been run. The pictures of Gordon Brown having tea with Lady Thatcher in Downing Street in the middle of a bank run could hardly have been more compromising. It was her philosophy that above any other has led us to this pass. Winston Churchill once pronounced that in Britain, finance is too proud, industry too humble.<\/em><\/p>\n<\/p>\n<p><p>\t\u00bb<em>Proud finance has insisted it needs no regulation, that it can be trusted to deploy the nations&rsquo; savings with care. The trust has been abused. We need a solid, social democratic government to reduce the risk of such recklessness in future, not tell us that finance should be left to finance while the taxpayer picks up the pieces. I hope Mr Brown is embarrassed. If he is not, so much the worse for all of us.<\/em>\u00bb<\/p>\n<\/p>\n<p><\/p>\n<p><p>\tMis en ligne le 16 septembre 2007 \u00e0 15H39<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>D&rsquo;autre part et quoi qu&rsquo;il en soit, il n&rsquo;est pas indiff\u00e9rent que l&rsquo;un des pays les plus frapp\u00e9s par la crise venue de nulle part, c&rsquo;est-\u00e0-dire des USA, soit, conform\u00e9ment aux normes des special relationships, le Royaume-Uni. Depuis vendredi, le royaume vit au rythme effr\u00e9n\u00e9 du chaos de la banque Northern Rock, \u00abBritain&rsquo;s fifth biggest&hellip;&nbsp;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[5113,4038,3228,2632,7031,7032,3575],"class_list":["post-69229","post","type-post","status-publish","format-standard","hentry","category-bloc-notes","tag-banque","tag-brown","tag-crise","tag-globalisation","tag-northern","tag-rock","tag-royaume-uni"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/69229","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/comments?post=69229"}],"version-history":[{"count":0,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/69229\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/media?parent=69229"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/categories?post=69229"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/tags?post=69229"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}