{"id":69237,"date":"2007-09-19T00:00:00","date_gmt":"2007-09-19T00:00:00","guid":{"rendered":"https:\/\/new.dedefensa.org\/index.php\/2007\/09\/19\/la-fed-ou-la-quete-desesperee-de-la-confiance-perdue\/"},"modified":"2007-09-19T00:00:00","modified_gmt":"2007-09-19T00:00:00","slug":"la-fed-ou-la-quete-desesperee-de-la-confiance-perdue","status":"publish","type":"post","link":"https:\/\/new.dedefensa.org\/index.php\/2007\/09\/19\/la-fed-ou-la-quete-desesperee-de-la-confiance-perdue\/","title":{"rendered":"La Fed<\/em>, ou la qu\u00eate d\u00e9sesp\u00e9r\u00e9e de la confiance perdue"},"content":{"rendered":"

La d\u00e9cision de la Federal Bank US, la Fed<\/em>, de r\u00e9duire ses taux d’int\u00e9r\u00eat d’un demi point \u00e9tait inattendue et a provoqu\u00e9 une r\u00e9action \u00e0 la hausse consid\u00e9rable de Wall Street. La plupart des analystes sont d’accord pour voir dans cette d\u00e9cision une marque de l’inqui\u00e9tude grandissante de la Fed<\/em>, et dans la r\u00e9action de Wall Street, au mieux une r\u00e9action d’euphorie spasmodique tr\u00e8s fragile, au pire un motif d’inqui\u00e9tude suppl\u00e9mentaire qui n’est paradoxal qu’en apprence.<\/p>\n<\/p>\n

\tPour illustrer cette appr\u00e9ciation, on cite deux commentaires d’horizons politiques aussi radicalement oppos\u00e9s que celui de WSWS.org<\/em> (site de la IV\u00e8me Internationale trotskiste, \u00e9videmment anti-syst\u00e8me) et de Gerald Baker du Times<\/em> (chroniqueur des probl\u00e8mes US, tr\u00e8s pro-am\u00e9ricaniste et pro-syst\u00e8me).<\/p>\n<\/p>\n

\t Le d\u00e9but du texte de WSWS.org<\/em>, aujourd’hui<\/a>, donne le ton du scepticisme complet, voire de la plus profonde inqui\u00e9tude que doivent susciter la d\u00e9cision de la Fed<\/em> et la r\u00e9action de Wall Street :<\/p>\n<\/p>\n

\t\u00abIn a desperate bid to prevent the crisis in credit and housing markets from sparking a recession, the US Federal Reserve Board has cut its base federal funds interest rate by half a percentage point (50 basis points).<\/em><\/p>\n<\/p>\n

\t\u00bbThe decision, which came as something as a pleasant surprise for Wall Street’s big finance housesthey had factored in a rise of 25 basis pointsset the Dow Jones index soaring by more than 335 points. This was the biggest percentage rise since April 2, 2003 and the first 300-point gain since October 15, 2002.<\/em><\/p>\n<\/p>\n

\t\u00bbBut the upsurge on Wall Street, which has put billions of dollars into the coffers of the major financial corporationstheir shares were among the leaders of the rallyby no means signifies an end to the crisis that has gripped credit markets since August. On the contrary, the very volatility of the market is indicative of fundamental problems. If the decision had been to keep interest rates on hold, then the market would have responded with a drop of hundreds of points in a matter of minutes.<\/em><\/p>\n<\/p>\n

\t\u00bbEven as the market was celebrating, questions were being asked as to whether the size of the increase indicated that the Fed may have information that the economic situation is more serious than previously believed.<\/em>\u00bb<\/p>\n<\/p>\n

\t En g\u00e9n\u00e9ral, les commentaires de Baker sont un pan\u00e9gyrique de la puissance US et de la grande fortune de son \u00e9conomie. La conclusion de son commentaire (aujourd’hui<\/a> dans le Times<\/em>), extr\u00eamement r\u00e9ticent et qui ne cache pas son inqui\u00e9tude, mesure bien l’\u00e9tat d’esprit g\u00e9n\u00e9ral.<\/p>\n<\/p>\n

\t\u00abMr Bernanke is perhaps hoping that an aggressive first move like yesterday’s will be enough to staunch the haemorrhaging of confidence in the US economy.<\/em><\/p>\n<\/p>\n

\t\u00bbHowever, that is as yet only a hope. The clearer reality at this stage is that the housing market in the US the key factor behind growth prospects is continuing to deteriorate. The probability is that Mr Bernanke and his colleagues will be cutting again before the year is out.<\/em><\/p>\n<\/p>\n

\t\u00bbAs for the talk that in doing so, the Fed is bailing out a bunch of irresponsible bankers and storing up problems for the future, that is a risk Mr Bernanke is well-prepared to take if he can avoid a full-blown recession.<\/em>\u00bb<\/p>\n<\/p>\n

\tLa question primordiale est, comme d’habitude, psychologique. La question est celle de la confiance dans la puissance de l’\u00e9conomie US, de la confiance dans la puissance US tout court, de la confiance dans la stabilit\u00e9 de cette puissance depuis le 11 septembre 2001. Les arguments sont financiers, l’encha\u00eenement est \u00e9conomique mais la musique est psychologique. Aujourd’hui, la confiance file comme du sable entre les doigts, alimentant et suscitant la perception dramatique des \u00e9v\u00e9nements \u00e9conomiques.<\/p>\n<\/p>\n

<\/p>\n

\tMis en ligne le 19 septembre 2007 \u00e0 10H27<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

La d\u00e9cision de la Federal Bank US, la Fed, de r\u00e9duire ses taux d’int\u00e9r\u00eat d’un demi point \u00e9tait inattendue et a provoqu\u00e9 une r\u00e9action \u00e0 la hausse consid\u00e9rable de Wall Street. La plupart des analystes sont d’accord pour voir dans cette d\u00e9cision une marque de l’inqui\u00e9tude grandissante de la Fed, et dans la r\u00e9action de… <\/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":[4094,4585,3621,5393,3372,3132,3952],"class_list":["post-69237","post","type-post","status-publish","format-standard","hentry","category-bloc-notes","tag-baker","tag-bank","tag-confiance","tag-federal","tag-street","tag-wall","tag-wsws"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/69237","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=69237"}],"version-history":[{"count":0,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/69237\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/media?parent=69237"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/categories?post=69237"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/tags?post=69237"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}