{"id":73099,"date":"2011-06-17T07:29:45","date_gmt":"2011-06-17T07:29:45","guid":{"rendered":"https:\/\/new.dedefensa.org\/index.php\/2011\/06\/17\/consigne-semantique-the-lehman-moment\/"},"modified":"2011-06-17T07:29:45","modified_gmt":"2011-06-17T07:29:45","slug":"consigne-semantique-the-lehman-moment","status":"publish","type":"post","link":"https:\/\/new.dedefensa.org\/index.php\/2011\/06\/17\/consigne-semantique-the-lehman-moment\/","title":{"rendered":"Consigne s\u00e9mantique : \u201cthe Lehman Moment<\/em>\u201d"},"content":{"rendered":"

Consigne s\u00e9mantique : the Lehman Moment<\/em><\/h4>\n

L’expression est devenue le mot de passe des connaisseurs, des commentateurs et de ceux qui savent, the Lehman Moment<\/em>, en r\u00e9f\u00e9rence \u00e0 l’\u00e9croulement de la banque Lehman Brothers du 15 septembre 2008, qui ouvrit officiellement la grande crise de l’automne 2008. Hier<\/a>, on disait essentiellement the Lehman Moment<\/em> pour la Gr\u00e8ce ; aujourd’hui, c’est pour l’Europe, comme dans le Daily Telegraph<\/em> de ce 17 juin 2011<\/a>.<\/p>\n<\/p>\n

\tLa formule a l’avantage du raccourci, du mouvement (d’effondrement), du catastrophique, et elle semble tout dire en trois mots. Pour autant, on se m\u00e9fiera de cette sorte d’analogie h\u00e9rit\u00e9e du langage du syst\u00e8me de la communication, et des relations publiques (comment faire passer un message en style t\u00e9l\u00e9graphique, frappant et d\u00e9cisif). Nous ne voulons certainement pas dire que le d\u00e9roulement des \u00e9v\u00e9nements n’est pas catastrophique, comme il l’est partout puisque nous sommes dans la phase d’acc\u00e9l\u00e9ration d\u00e9cisive de l’effondrement du Syst\u00e8me dans son entier. (Un effondrement grec, ou europ\u00e9en, ne fait pas partie d’un jeu de compensation relative, la catastrophe de l’un profitant \u00e0 l’autre, mais c’est une partie d’un tout, ce tout \u00e9tant l’effondrement du Syst\u00e8me.) L’on veut dire simplement que l’effondrement a de nombreuses voies \u00e0 sa disposition et qu’il n’est nullement assur\u00e9 qu’il ne fasse simplement que reproduire un sch\u00e9ma d\u00e9j\u00e0 utilis\u00e9. Le ph\u00e9nom\u00e8ne de l’effondrement du Syst\u00e8me est un ph\u00e9nom\u00e8ne fondamentalement imaginatif<\/strong>, qui r\u00e9pond \u00e0 des forces qui nous d\u00e9passent et prennent un certain plaisir \u00e0 nous prendre \u00e0 contrepied, en m\u00eame temps que r\u00e9pondre \u00e0 l’efficacit\u00e9, la surprise \u00e9tant la m\u00e8re de la victoire.<\/p>\n<\/p>\n

\tEn attendant, voici ce qu’on nous dit du Lehman Moment<\/em>.<\/p>\n<\/p>\n

\t\u00abTraders feared that the political chaos and riots across Greece would cause a default, which in turn would trigger a tsunami through the financial system as the collapse of Lehman Brothers did in 2008.<\/em><\/p>\n<\/p>\n

\t\u00bbNeil Mackinnon, an economist at VTB Capital in London and a former Treasury official, said: The probability of a eurozone Lehman moment is increasing. The markets have moved from simply pricing in a high probability of a Greek debt default to looking at a scenario of it becoming disorderly and of contagion spreading to other economies like Portugal, like Ireland, and maybe Spain, Italy and Belgium.<\/em><\/p>\n<\/p>\n

\t\u00bbLondon’s FTSE 100 closed down 0.76pc at 5698.81, following a 1pc drop on Wednesday. Major exchanges in Germany and France plunged as well. Asian stock markets had already fallen overnight on Wednesday and US markets followed in early trading yesterday. The euro hit an all-time low against the Swiss franc and fell 0.1pc against the dollar to $1.4161. The cost of insuring Greek debt against default also hit a fresh record. Five-year credit default swaps on Greek government debt rose by 124 basis points to 18.5pc. Greek debt is the most expensive in the world to insure, with the next closest being Venezuelan debt.<\/em> []<\/p>\n<\/p>\n

\t\u00bbOlli Rehn, the European Union’s economic commissioner, said the international authorities had decided to get around their differences by providing the Greek rescue package in two stages.<\/em><\/p>\n<\/p>\n

\t\u00bbHe said he was confident European leaders and the International Monetary Fund (IMF) would on Sunday consent to release the fifth tranche of the 110bn bail-out agreed last year. The IMF had said it would not release the funds unless Greece passed tough economic tests. It has also demanded European leaders agree a fresh bail-out of as much as 120bn and settled the treatment of bondholders. Mr Rehn said he hoped the contents and conditions of a successor programme for Greece and the nature of private sector involvement in this would be discussed on Sunday and Monday.<\/em> []<\/p>\n<\/p>\n

\t\u00bbFears about contagion remain acute, with Nout Wellink, a governing council director of the European Central Bank, warning that eurozone members may have to double the size of their European Financial Stability Fund to 1.5 trillion to cover potential risks from Ireland, Portugal and elsewhere.<\/em><\/p>\n<\/p>\n

\t\u00bbHolger Schmieding, chief economist at Berenberg Bank, said Greece may still default if the disarrayed government rejects the terms of a new bail-out. While a default alone would be manageable, he said, Europe would likely switch to contagion control to prevent the turmoil from spreading to Spain and Italy.<\/em>\u00bb<\/p>\n<\/p>\n

\n

dedefensa.org<\/em><\/p><\/p>\n","protected":false},"excerpt":{"rendered":"

Consigne s\u00e9mantique : the Lehman Moment L’expression est devenue le mot de passe des connaisseurs, des commentateurs et de ceux qui savent, the Lehman Moment, en r\u00e9f\u00e9rence \u00e0 l’\u00e9croulement de la banque Lehman Brothers du 15 septembre 2008, qui ouvrit officiellement la grande crise de l’automne 2008. Hier, on disait essentiellement the Lehman Moment pour… <\/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":[14],"tags":[3093,370,3476,2803,3397,398,3841,3235,3014],"class_list":["post-73099","post","type-post","status-publish","format-standard","hentry","category-ouverture-libre","tag-3093","tag-370","tag-brothers","tag-effondrement","tag-euro","tag-europe","tag-grece","tag-lehman","tag-systeme"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/73099","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=73099"}],"version-history":[{"count":0,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/posts\/73099\/revisions"}],"wp:attachment":[{"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/media?parent=73099"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/categories?post=73099"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.dedefensa.org\/index.php\/wp-json\/wp\/v2\/tags?post=73099"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}