A plan to save whom?
The first France:
Of Liberation: The State is 360 billion on the table to save the banks
Nicolas Sarkozy, this afternoon at the Elysee Palace, after the council of ministers. (Reuters)
The State is 360 billion on the table to save the banks
Berlin at the bedside of banks and investors. In the wake of a meeting of the Eurogroup, Germany must now present its own rescue plan expected volume of 470 billion euros.
Berlin: a plan of 470 billion euros
And during that time in London:
Brown rescue "model"
"In terms of nationalization of the financial system, the country hit the fastest, determines the highest level on which the others are bound to follow, "said Paul Jorion. But Gordon Brown there really is a bold, or more prosaically, an essential realism to a more than worse? In this case, would it be in Because of this other form of "special relationship" between London and its former colony qu'entretiennent also the City and Wall Street or much of a position of weakness that would be common to European banks? Open questions but answers potentially ruinous.
By Paul Jorion, October 11, 2008
long time ago - at the speed which will now things on 14 July, I wrote in America has changed ... same if she does not know yet : "To Uncle Sam, that changes everything: last night, the U.S. toppled the liberal social democracy."
America still did not know three months ago and she did not even know it yet today but it will maybe next week - if my tubes are not punctured. The process goes very quickly and even accelerating, and the reason is: it is the boldest is the ringleader.
What has occurred in recent days is that in terms of nationalization of the financial system, the country is most striking quickly determines the highest level on which the others are bound to follow: When Ireland guaranteed all deposits, Britain should follow, lest all his bank immediately siphoned to Ireland, but to do it has to go further in the nationalization as anyone else, automatically setting the new standard for those who do not want to be left behind in the new landscape : Competing for the United States, for Germany, which had sworn to high heaven last week that it would not, for the Benelux, the business Fortis and Dexia have led on this path, for Spain who just align with the Great Britain, and of course also for France, which still does not suspect anything - even if you work hard maybe this weekend at the Ministry of Finance.
I regularly denounces the belief in market self-regulation but this does not mean that there are no effects of self-organization in the financial system and training in the path of nationalization the boldest that we witness now, is a prime example.
Paul Jorion, sociologist and anthropologist, has worked in the past ten years in the U.S. banking industry as a specialist in price formation. He recently published implosion. Finance economy cons (Fayard: 2008) and Towards crisis of American capitalism? (La Découverte, 2007).
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"The financial crisis overshadows the food crisis"
Interview
means, but not hunger, by Laetitia Clavreu
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D learly, there is a crisis and crisis, emergency and emergency, billions and billions. This is the finding today, bitter, those years are appealing for donations to solve the problem of world hunger. Thus
François Danel, the executive director of Action against hunger, "said surprised" to see the ability to lift a few days $ 700 billion (517 billion euros) in the United States, and hundreds billion in Europe, then we encounter the greatest difficulties in finding funds for children dying of hunger. " And remember the words of the Swiss sociologist Jean Ziegler, former UN rapporteur for the Right to Food: "A child dies of hunger today is a child murdered."
LISTEN JEAN ZIEGLER
Then the forum asks: Here lies liberalism? 1979-2008
By François Lenglet, editor of the economy, politics, international at The Tribune.
nationalized banks in Europe and the United States. European leaders who rehabilitate public intervention to suspend the common rules that prohibit state aid, as those promoting competition. The paychecks boxes, finance stigmatized, criticized the market economy: the crisis has caused a huge head-to-tail ideological. As if, with the crackling of the global banking system, ended a great liberal cycle. A cycle like capitalism has known many who always interrupted in the same way, with a resounding financial crash.
For nearly thirty years as a market economy without limits was celebrated on every continent, and that attributed to him not without reason the extraordinary runaway economic growth of recent years which saw the U.S. GDP to grow by half between 1994 and 2006 and China out of the Middle Ages. On behalf of the efficiency we have organized the withdrawal of the public in most countries. We deregulated the energy, telecommunications, transport, extolling the virtues of competition.
This great liberal wave born during the 1970s in the Anglo-Saxon. In 1979, Margaret Thatcher conquers the power in the United Kingdom. In recent years, she gives up this great country exhausted by opening borders, slashing public spending, lowering taxes and breaking unions. Fifteen months later, America elects as president an old actor converted into touch in politics, Ronald Reagan. This Republican will also wonder, restoring an America that had been considerably weakened. He will succeed with the same revenues as its British counterpart: less taxes, less regulation, less government.
In 1989, the fall of the Berlin Wall ten times the liberal wave, because it opens up to trade and market economy a continent that aspires to freedom political and economic. Russia, Poland, Czechoslovakia, the new German states, all rushed to deny the plan and the worship market, with the zeal of the convert. The European Economic Community welcomes the new catechumens with enthusiasm. Europe is itself engaged in an undertaking of vast scope, the single market. The project is inspired again by the great liberal wave that swept the world: open borders, the dismantling of national industrial policies in favor of competition, restraint of the public sphere.
liberal fervor is at its peak in early 1990s, thanks to the emergence of newly industrialized countries, as China in particular, who are also embracing the market economy. Western companies are taking advantage of new freedoms investment and low transportation costs to extend their field of action. Global trade exchange surreptitious nature: the intra-firm trade tilted, the business organization is nestled in the new geography of growth, taking advantage of the considerable differences in wages in a world where the economic rules of the game are universalized.
The first break occurred in 1997-1998, with Asian crisis, which bends the path of folly "dragons" of Southeast Asia. Three years later, the bursting of the dotcom bubble and the Enron scandal. This casts a shadow over the veracity of the accounts published by companies. But global growth resumed at a brisk pace, thanks to medications Alan Greenspan, who supports the U.S. economy by lowering interest rates. The result will
the biggest bubble in history, with the explosion in property prices in the world and the incredible growth of debt - economic freedom fosters the "animal instincts" to resume the words of economist John Maynard Keynes. The total debt of Americans (all agents combined) reached 350% of GDP in 2007 - even in 1929, it had only graze the 300%. The subprime crisis occurs in July 2007 and amplified in 2008.
The rest is history. The market has produced a catastrophe that is unable to solve alone. Hence the incredible series of nationalizations of financial institutions in recent months. As always, other nations follow, and begin to preach also for the return of the state, control over pay, the re-regulation ... And conversions ideological multiply. That of Paul Krugman, for example, noted economist and advocate of globalization once happy and now much more circumspect.
Or that of Giulio Tremonti, Berlusconi's lieutenant, who published in early 2008, a book that is a hit, Paura e la Speranza's ("Fear and Hope"). Formerly teacher of the liberal right, he challenges the market today, "totalitarian ideology" and calls for the construction of a Europe "with doors, provided they are not always open." All signs of the huge ideological reversal is at work before our eyes in the world. Nicolas Sarkozy himself has also been advocating the role of the state in the economy during his speech in Toulon, in late September 2008.
far can this inclination regressive? Nothing is impossible now. Between globalization most likely in a phase of eclipse. As its primary cause is neither the technology nor the lower transportation costs, or even business organization, but the degree of tolerance for companies to international openness and desire for freedom. Feeling that varies significantly from one period to another, depending on market conditions and confidence in the future. In times of crisis, citizens do not require more freedom, but more protection.
In the coming months, our companies will therefore restore national borders. In Europe, we started with the proliferation of fragmented and contradictory measures that governments have taken to fight against the crisis. And in a short time, liberalism will seem what it is: a nice idea of good weather, completely inappropriate when the collective soul is concerned about an unusual storm. One consolation, however. During this cycle that opens, France, viscerally anti-liberal, will with the times, under an eternal law: a stopped clock tells the time twice a day.
Detoeuf Augustus, May 1, 1936: "Liberalism is dead!"
In 1930 also, we wondered how to get out of the crisis and the need to return to economic intervention to the detriment of the market economy. In France, a small group of enlightened minds, Ecole Polytechnique, then creates a reflection group, "X-Crise. On 1 May 1936, X-Crise receives a great business leader, Augustus Detoeuf, head of Thomson-Houston, who gave a lecture entitled "The End of Liberalism." Excerpts: "Liberalism is dead, he was killed not by the will of men or because of a free government action, but an inevitable evolution internal [...] I believe that the false mystic liberal liberal statements without sincerity, all this demagoguery for the ruling classes and people who confuse freedom with economic freedom at all, are public dangers.
a short film to conclude: you it will employ south north tomorrow:
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