Project Syndicates<\/em>.<\/p>\n<\/p>\n\tLe FMI, observe Stiglitz, est en train d’accepter l’id\u00e9e que la lutte contre la crise passe par la lutte contre l’in\u00e9galit\u00e9. Grande trouvaille et trouvaille anti-globalisation (par rapport aux normes de ce domaine d\u00e9vastateur), que Stiglitz n’h\u00e9site pas \u00e0 mettre au cr\u00e9dit de son pr\u00e9sident, le bien connu DSK (notre s\u00e9millant et s\u00e9duisant Dominique Strauss-Kahn). Dans le chapeau, ou abstract<\/em>, pr\u00e9sentant l’article, on nous signale tout de m\u00eame, ce que Stiglitz omet de faire dans son article lui-m\u00eame, que DSK file vers une candidature aux pr\u00e9sidentielles fran\u00e7aises, red\u00e9couvrant par cons\u00e9quent qu’il est socialiste et que le sort du brave citoyen de base, au budget serr\u00e9, importe au moment du vote. (\u00abThe annual spring meeting of the IMF was notable in marking the Fund’s effort to distance itself from its own long-standing tenets on capital controls and labor-market flexibility. It appears that a new IMF has gradually emerged under the leadership of Dominique Strauss-Kahn, who may soon be leaving to seek the presidency of France.<\/em>\u00bb)<\/p>\n<\/p>\n\tIl en restera ce qu’il en restera, et nous ne faisons gu\u00e8re d’illusions sur la vertu du ph\u00e9nom\u00e8ne (le FMI devenant une sorte d’altermondialiste, sic), mais voil\u00e0 un exemple qui ajoute au d\u00e9sordre. Il montre qu’il est des cas d\u00e9sormais, qui sont le signe de ce d\u00e9sordre, o\u00f9 la situation d’une nation et les ambitions qu’on entretient \u00e0 son propos peuvent influencer dans un sens inattendu un des principaux outils de la globalisation, dans le chef de son citoyen-pr\u00e9sident pouvant bien devenir un citoyen-candidat \u00e0 la pr\u00e9sidence.<\/p>\n<\/p>\n
\t\u00abThe annual spring meeting of the International Monetary Fund was notable in marking the Fund’s effort to distance itself from its own long-standing tenets on capital controls and labor-market flexibility. It appears that a new IMF has gradually, and cautiously, emerged under the leadership of Dominique Strauss-Kahn.<\/em> []<\/p>\n<\/p>\n\t\u00bbBut an even more important change is the link that the IMF has finally drawn between inequality and instability. This crisis was largely a result of America’s effort to bolster an economy weakened by vastly increased inequality, through low interest rates and lax regulation (both of which resulted in many people borrowing far beyond their means). The consequences of this excessive indebtedness will take years to undo. But, as another IMF study reminds us, this is not a new pattern.<\/em><\/p>\n<\/p>\n\t\u00bbThe crisis has also put to the test long-standing dogmas that blame labor-market rigidity for unemployment, because countries with more flexible wages, like the US, have fared worse than northern European economies, including Germany. Indeed, as wages weaken, workers will find it even more difficult to pay back what they owe, and problems in the housing market will become worse. Consumption will remain restrained, while strong and sustainable recovery cannot be based on another debt-fueled bubble.<\/em><\/p>\n<\/p>\n\t\u00bbAs unequal as America was before the Great Recession, the crisis, and the way it has been managed, has led to even greater income inequality, making a recovery all the more difficult. America is setting itself up for its own version of a Japanese-style malaise.<\/em><\/p>\n<\/p>\n\t\u00bbBut there are ways out of this dilemma: strengthening collective bargaining, restructuring mortgages, using carrots and sticks to get banks to resume lending, restructuring tax and spending policies to stimulate the economy now through long-term investments, and implementing social policies that ensure opportunity for all. As it is, with almost one-quarter of all income and 40% of US wealth going to the top 1% of income earners, America is now less a land of opportunity than even old Europe.<\/em><\/p>\n<\/p>\n\t\u00bbFor progressives, these abysmal facts are part of the standard litany of frustration and justified outrage. What is new is that the IMF has joined the chorus. As Strauss-Kahn concluded in his speech to the Brookings Institution shortly before the Fund’s recent meeting: Ultimately, employment and equity are building blocks of economic stability and prosperity, of political stability and peace. This goes to the heart of the IMF’s mandate. It must be placed at the heart of the policy agenda.<\/em><\/p>\n<\/p>\n\t\u00bbStrauss-Kahn is proving himself a sagacious leader of the IMF. We can only hope that governments and financial markets heed his words.<\/em>\u00bb<\/p>\n<\/p>\n\n
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