March 19 the international monetary fund has given the tempo

Where are we Soon two years after the beginning of the epidemic of subprime, six months almost day to day after Lehman deflagration, the crisis, the word nest, catch, one plate on the multiple fires that ignite in the capitalist House, changed its nature. A stunning before accelerated stampede of banks and markets succeeded predictable mechanics of the recession, which place its relentless chains from one end to another of the world: the credit collapse, contraction of world trade, industrial production drop, lift in unemployment. The sequence is in place. March 19, the international monetary fund has given the tempo. Developed countries will face a decline in their GDP by 3 this year. A unknown number since 1945. A figure that could further deteriorate if the flood of calamitous statistics of recent days continue.

It is at this moment in history that meet tonight in London the heads of State of g-20. With mission to rethink the financial regulation, that is a part of the future of the capitalist model, while all their energy is now focused on the urgency of the present: to seal the waterways in their economies devastated by the financial hurricane. This anachronism matter increased skepticism on the success of this Summit. Can we seriously hope to rebuild the foundations of a House burn down The issue is anecdotal. It fuels the divisions between the States on how to manage the crisis. Despite their spectacular dimension in total, the United States, Europe and China have devoted whole 1.652 billion euros to their stimulus plans big countries initiatives reflect a lack of coordination, the EU has offered the show to cartoon. To a large extent, this crisis, history, thought, devoid of the analyses necessary for the construction of an intellectual corpus that would out top, i.e. by reinventing other capitalism rest yet. "My mistake is believing that the own interests of the banks would lead them to protect their shareholders and their capital in companies": this striking mea culpa of Alan Greenspan, former Chairman of the Federal Reserve, before American parliamentarians last October was a not enough to open the debate on the alternative to laissez-faire imposed by the ultra-libéraux since the era Reagan. The only certainty for the moment, it is that, in the absence of a contrary ideology structured, the market economy remain basement. This is in itself good news.

For the time being, it stands to watch the beginnings of a fragile spring. As the two consecutive months of profit announced by Citigroup in January and February. A trend confirmed by other major institutions such as Bank of America or Deutsche Bank which could mean that, on credit institutions, the financial crisis has reached a floor. The resumption of the construction of new housing in the United States in February or the commitment of the central banks, as the Fed recently announced its intention to increase its balance sheet of 1,000 billion to purchase financial assets, are other positive signs. But the most encouraging is the reception by the market to the rescue of American banks last week Geithner plan. The proposed resumption of their toxic assets mechanism, of an initial amount of $ 500 billion, seems finally to the problem. By its form the establishment of a private state-investors partnership whose commitments will be guaranteed which avoids the nationalization of banks a time referred to in the United States and its amount. Eventually, this new plan could absorb 1,000 billion euros of unsellable assets. However, since the beginning of the crisis, US banks have already stated the equivalent of 850 billions of dollars of losses and impairment of assets. It remains that, according to IMF estimates, the total bill could reach 2,200 billion. This shows the path to browse. And tempers the relative optimism wind which blows intermittently on the markets for three weeks. In this uncertain context, it is more necessary to make this possible the more readable crisis. It is the ambition of this supplement.