Les implications géopolitiques de la crise financière… Extrait.


“Europe has a central bank. It’s an experiment, to have a central bank and a single money without a central government behind it. Decentralized fiscal policy with centralized monetary policy, how well is that going to work? […] No one predicted that we would enter in a situation where, monetary policy has to be done through aggressive unconventional measures… The normal thing, cutting interest rates, has run out of room because effectively interest were next to zero, so you really need to have the central bank to do other stuffs, like buying long term government debt, like buying commercial paper. All of the things that the Federal Reserve has largely done […] doing that exposes the central bank to risk […] how can the Fed do that? It has an agreement that the US treasure will compensate for any losses, so the Federal Reserve is in a way free to be adventurous because it has the fiscal authority behind it. To WHO does the ECB turn? […] It’s not clear who’s on the phone…”

Les jeux sont faits depuis Maastricht, l’Euro est mort à sa naissance, en sortir serait impossible et catastrophique, y rester l’est tout autant (cf les « PIGS »). Autant résister puisque de toute façon, le château de carte s’écroule…