Financial hurricane

Posted on 17 septembre 2008

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Here is a mindful view from Martin Wolf about the meteorological eco-front : « The biggest outstanding question is whether government-led rescues of undercapitalised financial systems will be needed. This is now looking increasingly likely. In today’s world, governments rescue such crisis-hit economies in four ways: they offer generous lender-of-last-resort liquidity, via central banks; they run huge fiscal deficits, to offset the shift of the private sector into financial surplus; they substitute public debt for private debt, in order to recapitalise undercapitalised financial systems (often after outright nationalisation); and they may adopt inflationary erosion of the value of private (and public) debt. All of this is now likely, including, alas, even the last. »

More to come :
– FT : « Crisis on Wall Street« , few days later significally renamed as Global Financial Crisis (In-depth) | The Guardian : Wall Street in crisis (Folder), Timothy Garton Ash’s Summing Bush up (Article) | The Economist : What the death of investisment bank means for Wall Street (Article).
– Die Zeit : Finanzkrise (Schwerpunkt).
– Rue89 : La petite-BD-qui-court-de-banque-en-banque, pour une illustration en images d’une explication brève en mots.
– Le Monde : Le Trésor américain se finance presque gratuitement (Article) | Telos : Crise financière : Achille et la tortue, Rêve américain : Plus dur est le réveil, La fin du capitalisme ? Non, bien au contraire…, Wall Street : Que fait le gouvernement ?, La récession mondiale est-elle évitable ? (Articles).
– L’Express : Ce que vous risquez en 15 questions (Article) | La plume d’Aliocha : Le discours de Toulon de Sarkozy (Article) | Diner’s Room : Idem Res (Article).
– Drawings : I broke the bank (P. Chappatte), Bush’s Panic (S. Bell).

Posted in: Eco, Polis'OL