Were a number of factors and the structural causes that have fallenand combined to create a favorable climate for the emergence of a major financial crisis at the global level, including:
1 - number of experts believe that the global economy remainsdependent on the nature of the economic choices made known by the United States of America as the "locomotive of the world economy."
And understand the nature of these options must refer to some of the stations of historical critical: it has been identified the founding principles of monetary policy,
global steel Treaty "Bretton Woods"was held between 1 and 22 July 1944 and updated for theInternational Monetary Fund, and the policy to determine the value offoreign currency through the two criteria complementary and are) the price of gold and U.S. dollar exchange rate (.
Seventies also saw the last century a number of political and economic transformations deep as the U.S. administration has taken), headed by Richard Nixon (and crucial choices are:
gradual reduction in the pace manufacturing within the United States itself and transfer those operations from the center to the parties) to the east and north-east Asia (.
full liberalization of the U.S. dollar (as at 15 August 1971) and the final chapter between its price in the exchange market and the price of gold, and was the option to edit the U.S. currency and float should be dictated by the increasing inability of the balance of payments of America and the financial cost prohibitive for the Vietnam War) $ 60 billion in the year 1971 (and that led to the U.S. trade balance deficitfor the first time since 1890.
And understanding among those choices as the setting and the preparation of the framework of economic new American-basedindebtedness and speculation in the heart of the U.S. financial market two branches classical economic) Index Dow Jones) and technological - informational) index NASDAK) as well as by relyingon a system to monitor the liquidity based on a quantitative methodology.
2 - One of the main structural causes for the emergence of the global financial crisis is the rapid rise to speculation the heart of the financial markets due to two main factors: the high interest ratesand declining rates of inflation.
Characterized by "speculation" at least two advantages, namely:
First, the nature of its practitioners: speculators into global financial markets are essentially "professional" (investment banks, pension funds and private social security .......) and this will inevitably lead toa significant rise in financial value of operations and financial transactions subject speculation.
Second, the speculative nature itself: it is sometimes characterizedreliably the maximum risk that can be taken with a reduced marginof safety to the lowest Convention, in order to achieve the highestpossible profit.
3 - the fragility of the global banking sector as agreed by economists in the diagnosis put the global banking sector being thesituation fragile, Mrtkzen in that particular the case of banks,Japanese, German and American, Fbnuk American investment hasbeen adversely affected by a host of financial scandals of the most important of bankrupt companies "Worldcom" and "Enron" with theinsurance companies refused to compensate for losses Bank"merryl Lynch" Carpentry for.
This is in addition to the close ties between the university, banks and insurance companies of America, which makes the fragility ofthe banking sector in turn influence the insurance sector (Insurance Institute bankruptcy "Conesco" = 63 billion dollars, and the deepstructural difficulties of the largest American insurance companyAIG).
4 - One of the main causes of the global financial crisis is linked tothe absence or weakness of mechanisms of control and follow-upthe heart of the global financial markets, and adds to it some of the limited role of central banks in Western financial market regulation, which merely act as a guideline only limited to adjust the interest rates of the Directorate.
And this situation has proven the failure of the argument that the market can adjust the financial mechanisms and financial effects of their activities on their own without external interference, (La faillite du principe de l'auto-régulation du marché).
And, adding insult to injury is the adoption of professional actors infinancial markets is characterized by innovative financial productsPtaqidha technical as well as its high degree of risk and use its example:
- Résidential mortgage backed securities (RMBS)
- Collateralized bond obligations (CBO)
- Credit default swap (CDS)
The benediction and the numbering of new financial mechanismsand distinct from the presence of signs and global numberingagencies.
5 - as was the occurrence of this global financial crisis is suitable forsome reminder of the limitations and shortcomings and even some of the ambiguity of the roles of key actors in the activity and global markets, including in particular:
• managers of the giant trading companies:
Where shame they often lack their availability - exclusive andabsolute - for the management of those companies and not others, as well as sometimes not to link their personal financial activity of their companies, in exchange for the report of financial grants hugefor them when they cease work or when the expiration of their agency (Les parachutes d'or) , and sometimes exaggerated byapproximately more than 100 million Euros.
• financial analysts (les analystes financiers) and numberingagencies: (Les agences de notation)
Where maligned them all the inaccuracy of the information and predictions contained the heart of their reports regarding the statusand health of a particular company and sometimes the health of an entire sector (on November 8, 2002 advised the 16 financial expertin the stock market (Wall Street) to purchase shares of Enron andon December 2, 2002 was officially announced Tfelicha).
• Experts Accountants:
The role of corporate experience in accounting pivotal role in ensuring the integrity and transparency of information is the financial and perhaps what requires a distinction between the functions ofaudit and consulting (in the field of fiscal, financial and legal), thatthe case has shown lack of professional firms giant accountable forensuring that central goal.
And a number of observers noted that the nature of standards andtechniques of financial punctuation like the application of accounting standard IFRS standards and risk assessment BÂLE 2 equationsand calculations adopted to explore the financial situation has been characterized by all vague and imprecise.
And has been for each of these factors reinforce a crucial role in the climate of mutual suspicion and caution among all parties to thefinancial game.
• Business and investment banks:
Where one of the most actors in the financial market the most controversial has been involved a lot of banks U.S. business such as City Group, JP Morgan Goldman Sachs, during a scandalcompany Enron in the establishment of a system known as (Spécial Purpose entities), was to establish the number of infinite branchesphantom of the company Enron, the primary purpose of which is toexempt the company from paying taxes on Alemrabih for five years, as long criticism as well as domestic frameworks for the work ofthose banks, including the activity of the so-called "traders" asmaligned them Jmoham in gambling and financial speculation in the absence of each bank effective control of their activity.
Also extended to the role of cash as well as the Western media the relevant industry in the so-called public opinion, as well as economicrole of the political class that often intersect with the interests of their own money and the business world.
In the end, we may emphasize that the most important structural factor performer to the emergence of the global financial crisis is theambiguity, mechanisms of action and functioning of the financial market, which makes the distinction between experts in the market(Les initiés) and ignorant rules of work) (les profanes distinguishgood and logical.
التسميات
Economic policy