01 octobre 2008
Banking crisis: Spectre of 1930s haunts America as financial turmoil worsen
source: Times
But while a recession - a painful, cyclical period of contracting economic
activity - now seems inevitable in the US, Britain and Europe, as Mr
Bernanke said at that birthday event, a depression - a longer period of
collapsing output and soaring unemployment - can still be avoided.
ut it’s an unfortunate paradox of financial systems that while it might be
right to punish individuals, punishing the guilty throughout the banking
system means much greater pain is borne by everyone.
As Mr Bernanke suggested at that rather austere birthday party, a recession is the inevitable feature of the modern capitalist business cycle. A depression is the unnecessary result of human error by those responsible for safeguarding our prosperity; perhaps understandable in cause, but unpardonable in consequence.
in Crise: le gouvernement français s'engage, mais le financement reste à préciser
source: Yahoo
PARIS (AFP) - Eviter un assèchement du crédit, racheter 30.000 logements, sauver banques et épargnants si nécessaire: le gouvernement multiplie les engagements sur la crise financière, mais n'a pas encore défini comment les financer....
Carlos Ghosn : «La crise qui s’annonce est plus grave que celle de 1929»
source: Paris Match
Pour le patron de Renault Nissan, «tous les chefs d’entreprise devront s’adapter»
Moscow Builders Halt Projects as Credit Crunch Bites (Update3)
source: Bloomberg
Oct. 1 (Bloomberg) -- Moscow's decade-long building boom is
falling victim to the global credit crunch as record high
interest rates squeeze developers in the world's third most
expensive property market.
Prices may fall in the fourth quarter and in 2009
post the first decline in 11 years, according to the Moscow-based
research group. The drop may reach as much as 30 percent for
some types of apartments by the end of 2009, Repchenko said.
`The current situation in Moscow partly resembles Japan's real-estate crisis of the 1990s,'' UniCredit SpA analysts said in a note to investors today.
Lesson From a Crisis: When Trust Vanishes, Worry
source: The New-York Times
But the Depression is still relevant, because the basic mechanics of
how the economy might fall into a severe recession look quite similar
to those that caused the Depression. In both cases, a credit crisis is
at the center of the story.
As a young academic economist in the 1980s, Mr. Bernanke largely
developed the theory that the loan officers’ lost knowledge was a
crucial cause of the Depression. He referred to this lost knowledge as “informational capital.” In plain English, it means that trust vanished from the banking sector.
“We are facing a major national crisis,” as Meyer Mishkin’s grandson
says. “To do nothing right now is to do what was done during the Great
Depression.”
Banking crash hits Europe as ECB loses traction
source: Telegraph
The interbank market has collapsed," said Hans Redeker, currency
chief at BNP Paribas. "We're now seeing a domino effect as the credit multiplier goes into
reverse and forces banks to cut back lending to clients," he said.
The ECB is no longer able to inject liquidity because the money is just
coming back to them again. This is extremely serious. If monetary policy is
no longer working, there is a risk that the whole system will blow up in
days," he said.
We are at imminent risk of a credit crunch. Key markets are not
functioning properly. The Europeans thought the sub-prime crisis was just
American rubbish that the US should clean up itself, but now they are
finding out that it is their rubbish too," he said.
Bercy dément un "plan Paulson" à la française
source: Le JDD
Bercy a formellement démenti proposer un plan de sauvetage de 300
milliards d'euros pour les banques européennes. Un peu plus tôt, des
sources gouvernementales avaient avancé que la France souhaitait
soumettre cette idée aux autres pays européens afin de venir au secours
du secteur bancaire
Ben voyons....
Les banques spéculent,les citoyens paient
source: L'Humanité
Crise . Atteintes à leur tour par la crise, les banques européennes se
tournent aussi vers les États, auxquels elles présentent la facture des
pertes astronomiques dues à la spéculation.
Forcément inéquitables, par Pierre-Noël Giraud
source: Le Monde
Si bien qu'il se pourrait qu'on revienne à l'autre moyen, bien connu, de disséminer les risques et les pertes qu'ils engendrent : l'inflation. L'inflation est la forme progressive, alors que le krach est la forme brutale, d'une même nécessité : la destruction du "mistigri", ces promesses engendrées par les phases d'anticipation exubérantes et qui ne seront pas tenues. Une accélération de l'inflation serait une solution, certes dangereuse, parce que susceptible de s'emballer, tout aussi aveugle et inéquitable que les crises de marché, mais beaucoup plus répartie, rampante, et donc indolore. En un mot, une solution politiquement tentante.
Au cœur de la tourmente l’avertissement du DG de Natixis
source: Paris Match
Nous avons réussi dans les pires conditions imaginables, s’insurgeait son directeur général Dominique Ferrero, après avoir parcouru la planète, de New York à Dubaï, pour convaincre les investisseurs. Mais il faut, par ailleurs, que cessent les rumeurs, qui peuvent mettre à genoux n’importe qui. Ces prophéties autoréalisatrices exercent un effet dévastateur.»