25 mars<\/a>, qui \u00e9crit effectivement comme un historien entamant un nouveau chapitre de notre Histoire:<\/p>\n<\/p>\n\t\u00abRemember Friday March 14 2008: it was the day the dream of global free-market capitalism died. For three decades we have moved towards market-driven financial systems. By its decision to rescue Bear Stearns, the Federal Reserve, the institution responsible for monetary policy in the US, chief protagonist of free-market capitalism, declared this era over. It showed in deeds its agreement with the remark by Joseph Ackermann, chief executive of Deutsche Bank, that I no longer believe in the market’s self-healing power. Deregulation has reached its limits.<\/em>\u00bb<\/p>\n<\/p>\n\tObservons dans ce cas, et saluons l’honn\u00eatet\u00e9 du commentateur, ce qui n’est pas le cas de tous. Car Martin Wolf est, ou fut un free-market believer<\/em>; et il nous le dit sans barguigner, comme il nous dit cette d\u00e9faite fondamentale de la Foi: Il \u00e9tait une fois un commentateur qui croyait que le temps viendrait o\u00f9 les gouvernement n’auraient plus \u00e0 intervenir. C’\u00e9tait s’abuser soi-m\u00eame. (\u00abOnce upon a time, I had hoped that securitisation would shift a substantial part of the risk-bearing outside the regulated banking system, where governments would no longer need to intervene. That has proved a delusion.<\/em>\u00bb)<\/p>\n<\/p>\n\t\u00abThe lobbies of Wall Street will, it is true, resist onerous regulation of capital requirements or liquidity, after this crisis is over. They may succeed. But, intellectually, their position is now untenable. Systemically important institutions must pay for any official protection they receive. Their ability to enjoy the upside on the risks they run, while shifting parts of the downside on to society at large, must be restricted. This is not just a matter of simple justice (although it is that, too). It is also a matter of efficiency. An unregulated, but subsidised, casino will not allocate resources well. Moreover, that subsidisation does not now apply only to shareholders, but to all creditors. Its effect is to make the costs of funds unreasonably cheap. These grossly misaligned incentives must be tackled.<\/em><\/p>\n<\/p>\n\t\u00bbI greatly regret the fact that the Fed thought it necessary to take this step. Once upon a time, I had hoped that securitisation would shift a substantial part of the risk-bearing outside the regulated banking system, where governments would no longer need to intervene. That has proved a delusion. A vast amount of risky, if not downright fraudulent, lending, promoted by equally risky finance, has made securitised markets highly risky. This has damaged institutions, notably Bear Stearns, that operated intensively in these markets.<\/em>\u00bb<\/p>\n<\/p>\n\tAinsi donc sommes-nous dans ces temps historiques o\u00f9 les choses changent, o\u00f9 les croyances s’effondrent, o\u00f9 la Fin des Temps qu’on nous promettait joyeuse et compl\u00e8tement libre-\u00e9changiste se transforme en une perspective incertaine, extraordinaire et absolument historique, o\u00f9 tous les fondements de notre Croyance sont \u00e9branl\u00e9s au point o\u00f9 il faut songer \u00e0 mettre notre Croyance en proc\u00e8s. Certes, ce n’est pas le Tibet, qui nous tourmente tous, vous et moi, qui fait l’unanime exclamation vertueuse de nos JT \u00e0 grande audience, qui anime nos belles consciences des beaux quartiers et nos agitateurs droit-de-l’hommistes en g\u00e9n\u00e9ral bien appoint\u00e9s, mais cela vaut r\u00e9flexion. C’est tout simplement, nous dit Martin Wolf, l’Histoire en train de se faire, disons la diff\u00e9rence entre la substance et l’accident.<\/p>\n<\/p>\n
\t\u00abSome say the world will end in fire, Some say in ice. Harvard’s Kenneth Rogoff recently quoted Robert Frost’s words in describing the dangers of financial ruin (fire) and inflation (ice) confronting us. These are perilous times. They are also historic times. The US is showing the limits of deregulation. Managing this unavoidable shift, without throwing away what has been gained in the past three decades, is a huge challenge. So is getting through the deleveraging ahead in anything like one piece. But we must start in the right place, by recognising that even the recent past is a foreign country.<\/em>\u00bb<\/p>\n<\/p>\n<\/p>\n
\tMis en ligne le 26 mars 2008 \u00e0 04H52<\/p><\/p>\n","protected":false},"excerpt":{"rendered":"
Les commentaires de plus en plus affirmatifs se multiplient d\u00e9sormais, pour nous dire l’Histoire telle que nous l’avons vue se d\u00e9rouler sous nos yeux. Il s’agit pr\u00e9cis\u00e9ment de ce 14 mars 2008, le jour o\u00f9 Bernanke mit la main \u00e0 la poche pour sauver Bear Stearns et marquer la fin de l’illusion capitaliste et libre-\u00e9changiste… <\/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":[7472,6936,3557,7473,7025],"class_list":["post-69783","post","type-post","status-publish","format-standard","hentry","category-bloc-notes","tag-bear","tag-bernanke","tag-libre-echange","tag-stearns","tag-wolf"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/69783","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=69783"}],"version-history":[{"count":0,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/69783\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/media?parent=69783"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/categories?post=69783"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/tags?post=69783"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}