Dans un sens tr\u00e8s technique et avec mesure, avec la raideur et la s\u00fbret\u00e9 de soi qui caract\u00e9rise sa plume, le Financial Times<\/em> nous dit, sans doute sans le vouloir ni le savoir, que le monde qu’il a tant servi, que l’esprit m\u00eame de ce que Churchill nommait au d\u00e9but du XX\u00e8me si\u00e8cle l’anglo-saxonisme est en train de suivre la pente d’un effondrement peut-\u00eatre fatal avec la courbe abyssale de Wall Street. Il prononce le d\u00e9c\u00e8s d’une culture, d’une conception du monde o\u00f9 le terme de bien public n’avait plus aucun sens, o\u00f9 le culte de l’individualisme comme vertu cardinale, la puissance du profit comme ambition universelle triomphaient et \u00e9taient devenus les signes du ralliement \u00e0 la modernit\u00e9. Aujourd’hui, l’Etat (on en serait \u00e0 employer ce terme avec une nuance de respect plut\u00f4t que celui d’administration ou de gouvernement) nationalise \u00e0 tout va. Et cela est bien, proclame sur un ton si docte le Financial Times<\/em>, ce 17 septembre<\/a>.<\/p>\n<\/p>\n \t\u00abJust two days after allowing a large investment bank to fail as a stern statement of free market discipline, Ben Bernanke, chairman of the Federal Reserve Board, and Hank Paulson, Treasury secretary, in effect nationalised American International Group, the insurance giant. There was no alternative, but these dramatic steps show how finance will never be the same again.<\/em><\/p>\n<\/p>\n \t\u00bbBy allowing Lehman Brothers to fall, the authorities demonstrated their reluctance to save financial institutions with public money. Banks even big, famous ones would be allowed to fail if it were felt the system could handle it.<\/em><\/p>\n<\/p>\n \t\u00bbBut AIG was too important to go under. Default on its $441bn exposure to credit default swaps and other derivatives would have been a global financial catastrophe. Cancelling the insurance it underwrote would cause another wave of writedowns, further reduce lending and spread the crisis deeper and further.<\/em><\/p>\n<\/p>\n \t\u00bbAs with Freddie Mac and Fannie Mae, the nationalisation of AIG has caused problems for future policymakers, but future systemic moral hazard is of secondary importance when the system itself is at risk.<\/em> [] <\/p>\n<\/p>\n \t\u00bbAfter a year of what felt, at times, like a phoney war, the past two weeks have seen unimaginable changes in the world financial system. The collapse of Lehman, the buy-up of Merrill Lynch and the nationalisations of Fannie, Freddie and AIG were obvious landmarks. Of potentially greater importance, however, the reach and power of the state has been greatly extended. The Bear Stearns bail-out involved the Fed moving to cover investment banks. With the AIG takeover, it has moved into insurance.<\/em><\/p>\n<\/p>\n \t\u00bb \t\u00bbThe rules of the game have been rewritten dramatically over this past fortnight but the game, at least, is still being played in some form. That is a victory of sorts. Governments are currently rightly preoccupied with crisis management. The next challenge will be to work out how far the state should stay as more than just an umpire.<\/em>\u00bb<\/p>\n<\/p>\n \tUn passage est \u00e0 retenir : \u00abbut future systemic moral hazard is of secondary importance when the system itself is at risk.<\/em>\u00bb Le FT n’y va pas par quatre chemins avec ce mot. Il signifie \u00e0 tous ceux qui seraient tenter d’ergoter, de m\u00e9goter, de chicaner, etc., au nom des principes du syst\u00e8me: silence dans les rangs parce que c’est le syst\u00e8me lui-m\u00eame qui est en jeu. Le syst\u00e8me se tourne vers la puissance publique et se jette dans ses bras, presque avec volupt\u00e9, comme un enfant effray\u00e9 retrouve les bras de ses parents. Mais les parents sont-ils encore l\u00e0?<\/p>\n<\/p>\n \tOn comprend tout cela. On ne s’attardera m\u00eame pas \u00e0 rappeler qu’il y a encore un an, le monde chic de l’esprit anglo-saxon ricanait \u00e0 l’id\u00e9e d’interventionnisme, qu’il y a deux ans encore le Premier ministre fran\u00e7ais Villepin \u00e9tait clou\u00e9 au pilori parce qu’il parlait de patriotisme \u00e9conomique et de la protection par l’Etat des industries strat\u00e9giques et ainsi de suite. On ne perdra pas notre temps \u00e0 rappeler les angoisses des salons parisiens, avant l’arriv\u00e9e de Sarko, pour cette France r\u00e9trograde qui songeait encore \u00e0 s’appuyer sur l’Etat pour contr\u00f4ler son \u00e9conomie alors que le mod\u00e8le anglo-saxon, outre-Manche et outre-Atlantique, lui indiquait l’\u00e9vidence de la seule voie possible, et \u00e0 suivre, et au galop plut\u00f4t qu’au trot. On se bornera \u00e0 se demander si l’appel somme toute pressant du FT vers la puissance publique a des chances d’\u00eatre pleinement entendu et entendu d’une mani\u00e8re efficace. La grande question est de savoir si cette puissance publique pourra r\u00e9pondre \u00e0 cet appel, si elle existe encore en tant que telle, elle qui a \u00e9t\u00e9 syst\u00e9matiquement abaiss\u00e9e, affaiblie, r\u00e9duite, caricatur\u00e9e, avec un personnel \u00e9voluant \u00e0 mesure, justement par l’action du syst\u00e8me qui demande d\u00e9sesp\u00e9r\u00e9ment aujourd’hui son aide. <\/p>\n<\/p>\n <\/p>\n \tMis en ligne le 18 septembre 2008 \u00e0 09H58<\/p><\/p>\n","protected":false},"excerpt":{"rendered":" Dans un sens tr\u00e8s technique et avec mesure, avec la raideur et la s\u00fbret\u00e9 de soi qui caract\u00e9rise sa plume, le Financial Times nous dit, sans doute sans le vouloir ni le savoir, que le monde qu’il a tant servi, que l’esprit m\u00eame de ce que Churchill nommait au d\u00e9but du XX\u00e8me si\u00e8cle l’anglo-saxonisme est… <\/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":[3426,3228,2851,7052,3014,2852],"class_list":["post-70200","post","type-post","status-publish","format-standard","hentry","category-bloc-notes","tag-anglo-saxon","tag-crise","tag-financial","tag-nationalisation","tag-systeme","tag-times"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/70200","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=70200"}],"version-history":[{"count":0,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/70200\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/media?parent=70200"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/categories?post=70200"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/tags?post=70200"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}