Nous suivons r\u00e9guli\u00e8rement Gerard Baker, du Times<\/em>, parce que cet atlantiste notoire, libre-\u00e9changiste et pro-am\u00e9ricaniste \u00e0 tous crins, avec de bonnes entr\u00e9es et une influence certaine, est une r\u00e9f\u00e9rence int\u00e9ressante pour conna\u00eetre l’\u00e9volution du sentiment dans les milieux dirigeants anglo-saxons. Baker est actuellement aux USA, o\u00f9 il suit la campagne \u00e9lectorale, et, accessoirement (!), la crise du 9\/11 financier devenue crise politique. Ce 29 septembre, il fait exceptionnellement deux interventions dans le Times<\/em>, marqu\u00e9es toutes deux par un intense sentiment d’inqui\u00e9tude et d’angoisse, proche de la panique. Les titres de ses deux interventions, l’une<\/a> dans le cadre de sa chronique r\u00e9guli\u00e8re, l’autre<\/a> comme commentateur de la situation US (adoption du plan Paulson), les titres sont \u00e0 mesure: \u00abAs the storm rages, only governments can save us<\/em>\u00bb et \u00abIf Hank Paulson is wrong, we can only pray<\/em>\u00bb.<\/p>\n<\/p>\n \tDans sa chronique, Baker peint un tableau extr\u00eamement sombre, si sombre qu’il en est apocalyptique, des conditions \u00e0 venir. Fait rarissime, si pas sans pr\u00e9c\u00e9dent, chez ce commentateur qui a toujours pr\u00e9ch\u00e9 un optimiste lib\u00e9ral, pro-am\u00e9ricaniste, etc., cet extraordinaire appel \u00e0 la panique Pour Baker, nous allons \u00e0 tr\u00e8s grande vitesse vers une d\u00e9pression qui \u00e9quivaudra, sinon d\u00e9passera la Grande D\u00e9pression.<\/p>\n<\/p>\n \t\u00abI say this with great reluctance. It is no business of journalists (who, as someone once said, are like harlots, who wield power without responsibility) to go around scaring people. What’s more, until a few months ago I’ve been a relative optimist, convinced that we would get through this with not much worse than the kind of mild recession we’ve seen in the past 20 years. Now I think it might be time to panic.<\/em>\u00bb<\/p>\n<\/p>\n \tDans ces conditions, Baker ne nous \u00e9tonnera pas en se pr\u00e9cipitant vers ce qu’il consid\u00e8re d\u00e9sormais comme la seule bou\u00e9e de sauvetage disponible: la puissance publique, le gouvernement, partout, dans toutes les conditions possibles. Seul un interventionnisme massif peut limiter les d\u00e9g\u00e2ts de la catastrophe qui se profile, que le commentateur compare en intensit\u00e9, pour les d\u00e9g\u00e2ts commis sur la zone touch\u00e9e, \u00e0 l’ouragan Katrina<\/em> qui d\u00e9truisit La Nouvelle Orl\u00e9ans il y a exactement trois ans et un mois:<\/p>\n<\/p>\n \t\u00abThere’s been much abstract talk in the past few weeks about the role of government in a capitalist economy, the proper amount of regulation, that sort of thing. The time for that sort of discussion will surely come. But for the moment in an emergency of historic proportions there ought to be no debate about what government should do. Even the most pro-market capitalists knows that this is when you need government the only institution with the ability to take on the task needed.<\/em>\u00bb<\/p>\n<\/p>\n \tQuant au plan Paulson, qui devrait \u00eatre vot\u00e9 dans les prochaines heures, il est d\u00e9j\u00e0 charg\u00e9, avant m\u00eame son adoption, des pires soup\u00e7ons et de nombre de travers. Surtout, s’interroge Baker, parviendra-t-il \u00e0 traiter le mal r\u00e9el, si ce mal r\u00e9el s’av\u00e8re diff\u00e9rent (plus grave) que ce qu’on suppose, ce que, manifestement, Baker croit? Alors, que faire, puisque dans ce cas l’action de la puissance publique elle-m\u00eame aura \u00e9t\u00e9 sollicit\u00e9e et se sera av\u00e9r\u00e9e insuffisante? Eh bien, Baker a sa solution : le Tout Puissant.<\/p>\n<\/p>\n \t\u00abBut what if the problem is not that banks are being forced to value their assets at too low a price, but that they are sitting on massive losses that reflect a collapse in the value of their securities?<\/em><\/p>\n<\/p>\n \t\u00bbIf that is the case, then the Treasury’s bailout may not be enough. Some reliable estimates suggest that the losses in the US financial system at core, reflecting the scale of the downturn in the housing market may be more than $1 trillion. If the Treasury is buying those bad assets at a little above their current value, it will not be providing anywhere near enough capital for banks, who will still be sitting on massive losses.<\/em><\/p>\n<\/p>\n \t\u00bbIf that is the case, Mr Paulson might soon have to go back down on his knees and plead this time with an even higher authority for intervention. The Almighty.<\/em>\u00bb<\/p>\n<\/p>\n <\/p>\n \tMis en ligne le 29 septembre 2008 \u00e0 07H28<\/p><\/p>\n","protected":false},"excerpt":{"rendered":" Nous suivons r\u00e9guli\u00e8rement Gerard Baker, du Times, parce que cet atlantiste notoire, libre-\u00e9changiste et pro-am\u00e9ricaniste \u00e0 tous crins, avec de bonnes entr\u00e9es et une influence certaine, est une r\u00e9f\u00e9rence int\u00e9ressante pour conna\u00eetre l’\u00e9volution du sentiment dans les milieux dirigeants anglo-saxons. Baker est actuellement aux USA, o\u00f9 il suit la campagne \u00e9lectorale, et, accessoirement (!), la… <\/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":"","footnotes":""},"categories":[2],"tags":[7817,7816,3228,3466,5460,7024,3456,2779,3014],"class_list":["post-70235","post","type-post","status-publish","format-standard","hentry","category-bloc-notes","tag-apocakypse","tag-bker","tag-crise","tag-dieu","tag-gouvernement","tag-paulson","tag-publique","tag-puissance","tag-systeme"],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/70235","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=70235"}],"version-history":[{"count":0,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/70235\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/media?parent=70235"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/categories?post=70235"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/tags?post=70235"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}