As feared, foreign bond holders have begun to exercise a collective vote of no confidence in the devaluation policies of the US government. The Federal Reserve faces a potential veto of its rescue measures.<\/em>\u00bb<\/p>\n<\/p>\n\tEvans-Pritchard analyse les diff\u00e9rentes appr\u00e9ciations du comportement de la Federal Reserve: calculs ou machination, ou mesures d’urgence sans arri\u00e8res-pens\u00e9es imm\u00e9diates? La question est une de celles qui vont d\u00e9terminer l’attitude des investisseurs \u00e9trangers. Tout en reconnaissant que certains d’entre eux sont soup\u00e7onneux et proches de la premi\u00e8re option, Evans-Pritchard croit plut\u00f4t \u00e0 la seconde.<\/p>\n<\/p>\n
\t\u00abRightly or wrongly, a view has taken hold that Washington is cynically debasing the coinage, hoping to export its day of reckoning through beggar-thy-neighbour policies.<\/em><\/p>\n<\/p>\n\t\u00bbIt is not my view. I believe the forces of debt deflation now engulfing America and soon half the world are so powerful that nobody will be worrying about inflation a year hence.<\/em><\/p>\n<\/p>\n\t\u00bbYes, the Fed caused this mess by setting the price of credit too low for too long, feeding the cancer of debt dependency. But we are in the eye of the storm now. This is not a time for priggery.<\/em><\/p>\n<\/p>\n\t\u00bbThe Fed’s emergency actions are imperative. Last week’s collapse of confidence in the creditworthiness of Fannie Mae and Freddie Mac was life-threatening. These agencies underpin 60pc of the $11,000bn market for US home loans.<\/em>\u00bb<\/p>\n<\/p>\n\tNotre appr\u00e9ciation tendrait \u00e0 \u00eatre proche de celle d’Evans-Pritchard. Le sentiment est trop \u00e0 l’urgence imm\u00e9diate et \u00e0 la panique pour que l’on se risque \u00e0 des plans complexes ou \u00e0 un montage de telle ou telle manoeuvre. Quoi qu’il en soit, Evans-Pitchard estime bien entendu que, m\u00eame dans l’hypoth\u00e8se d’une action sans arri\u00e8re-pens\u00e9e ni dissimulation de la Federal Reserve, des risques tr\u00e8s s\u00e9rieux existent, y compris la possibilit\u00e9 d’un effondrement comme celui de la Grande D\u00e9pression. Un d\u00e9part massif des investissements \u00e9trangers y concourrait d\u00e9cisivement, scellant la signification du pacte faustien, selon le mot d’Evans-Pritchard, que les USA ont pass\u00e9 sous la forme de leur endettement. <\/p>\n<\/p>\n
\t\u00abBut even if you think the Fed has no choice other than to take dramatic action, the critics are also right in warning that this comes at a serious cost and it may backfire.<\/em><\/p>\n<\/p>\n\t\u00bbThe imminent risk is that global flight from US Treasury and agency debt drives up long-term rates, the key funding instrument for mortgages and corporations. The effect could outweigh Fed easing.<\/em><\/p>\n<\/p>\n\t\u00bbOverall credit conditions could tighten into a slump (like 1930). It’s the stuff of bad dreams.<\/em><\/p>\n<\/p>\n\t\u00bbIs this the moment when America finally discovers the meaning of the Faustian pact it signed so blithely with Asian creditors?<\/em>\u00bb<\/p>\n<\/p>\n<\/p>\n
\tMis en ligne le 18 mars 2008 \u00e0 08H42<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"
Dans la myriade de probl\u00e8mes qui entourent et pressent la crise financi\u00e8re US, on trouve celui du r\u00f4le des consid\u00e9rables des avoirs \u00e9trangers aux USA. L’effondrement du dollar et la situation aux USA constituent un motif urgent pour eux de consid\u00e9rer leur position aux USA et le maintien ou non de cette position. Le probl\u00e8me… <\/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":[7478,3228,3083,7479,5225,5393,2891,4207],"class_list":["post-69762","post","type-post","status-publish","format-standard","hentry","category-bloc-notes","tag-avoirs","tag-crise","tag-depression","tag-etrangers","tag-evans-pritchard","tag-federal","tag-grande","tag-reserve"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/69762","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=69762"}],"version-history":[{"count":0,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/69762\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/media?parent=69762"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/categories?post=69762"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/tags?post=69762"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}