In these difficult times when irrationality pervades our daily lives, I am pleased that a few enlightened persons could still give us their analysis. This has recently been the case through two editorials published in the media seriously and by eminent economic experts. One was published this week in the magazine Enjeux Les Echos by Patrick Artus just as the "scapegoat". The other was written by Lawrence Faib, Chairman of Xerfi in his point of view in November 2008. Both papers have in common is to put in perspective and somewhat in question, the current single thought of designating as solely responsible for the current crisis investment banks. Each in its own way seeks to understand the real causes of the current dysfonctionnemenst. Patrick Artus, the true cause of the crisis is rather to be sought in "excess global liquidity." Accounting Standards (mark to market) and Prudential have amplified market movements. Analysis of the creditworthiness of borrowers is also U.S. blamed. For Laurent Faib, "the roots of the downturn in the economy are real." financial crisis "is only the developer of the fall of the business model of advanced countries, that of the massive debt and value creation spécultaive. At each end denounces enrichment to excessive credit and Western countries including the United States. "Only a coordinated global monetary policy, and regulations countercyclical," today we might avoid a return to new crises. As far as I know, monetary policies and economic and financial rules are not so far from the banks' responsibility. To think ...
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