Sarkozy urges G20 to hasten monetary reform

Extrait de: Sarkozy urges G20 to hasten monetary reform, ByJamil Anderlini in Nanjing, Financial Times, March 31 2011

French President Nicolas Sarkozy has warned of another global economic crisis if urgent reforms to the international monetary system are not agreed soon, but there appeared to be no consensus on what those reforms should be as finance ministers from the G20 group of nations met in China on Thursday.

Je vais citer Nouriel Roubini, qui résume assez bien la situation.

Le G-20, c’est un gros G-Zéro, ils ne se mettent jamais d’accord sur rien.

“As the crisis recedes the temptation to do nothing is very strong and the importance of co-ordination seems less obvious,” Mr Sarkozy said at the opening of the G20 “high-level seminar on the international monetary system” in the Chinese city of Nanjing.

Aucune décision est une décision en soit, on maintient le statu quo.

But if we lose the impetus built up in the midst of the crisis the world will inevitably slide back into instability and more crises.”

As chair of the Group of 20 industrialised and emerging nations, France has made reform of the international monetary system its top priority but efforts to recruit China and other emerging nations to its cause have been met with a lukewarm response.

Pauvre Sarkozy, il a un sérieux problème dans son pays, car son peuple commence à se poser les vraies questions, est-ce que le modèle économique du libre-échange, qui lui a été imposé, est la voie de la prospérité ?

Il tente de corriger le tir avec le G20, pour remettre de l'ordre dans le libre-échange, car tout le monde manipule sa monnaie pour rester compétitif, mais peine perdue, car tous les pays travaillent en silos.

On a imposé aux peuples des pays industriels un avenir économique qui semble très peu reluisant, alors c'est la revanche du peuple, le peuple en a marre, le dumping social, ça suffit!

Alors, les politiciens oligarchiques, qui sont trop près des financiers et des multinationales en oubliant la prospérité de son peuple, ont un sérieux problème.

Car, le peuple utilise son arme ultime, c’est de dire bye, bye !

Le ministre Grec s'est fait remettre à l'ordre par son peuple, en Irlande bye, bye, au Portugal, bye, bye, même au Canada on a fait bye, bye.

À qui le prochain tour ?

Je vous avise M. les politiciens des pays industriels, vous êtres mieux de changer votre discours, car votre carrière politique risque sérieusement d’être écourtée.

Wang Qishan, Chinese vice-premier, did not appear to share Mr Sarkozy’s sense of urgency, emphasising in his own speech on Thursday that global monetary reform was a “long and complex process” that could only be explored and implemented “gradually”.

Pour les Chinois, le rôle est de garder la situation le plus longtemps possible, cumulé des trilliards de réserves et faire délocaliser le plus rapidement possible les secteurs manufacturiers des pays industriels vers la Chine.

Tant aussi longtemps qu'il n'y a pas assez de protectionnistes ou de sanctions sévères, ils ne changeront pas d'attitude.

China had previously said there would be no discussion of individual currencies, in particular the value of the renminbi, at this meeting, but continued friction with the US over the issue was obvious.

In a statement, US Treasury Secretary Tim Geithner identified asymmetry between freely floating currencies and the “tightly managed exchange rate regimes and very extensive capital controls” of “some emerging markets”

A clear reference to China – as:

“the most important problem to solve
in the international monetary system today”.

The one-day meeting has brought together dozens of finance ministers, central bank governors, academics and officials to discuss monetary reforms but participants said many of the high-level delegates are in Nanjing to “play defence” in response to Mr Sarkozy’s energetic attempts at global reform.

In private, some delegates said they thought Mr Sarkozy’s activism was largely a response to expectations that Dominique Strauss-Kahn, International Monetary Fund president, was poised to announce his intention to run for the French presidency next year.

“Mr Sarkozy is clearly trying to burnish his credentials at home as a leader on the international stage but if he can rescue the global monetary system at the same time then so much the better,” said one delegate at the meeting, speaking on condition of anonymity.

M. Sarkosy est dans la merde, mais le libre-échange est
aussi dans la merde aussi.

Mr Strauss-Kahn was in the audience during Mr Sarkozy’s speech on Thursday and the French president made a point of thanking him for his attendance. “To a large extent this meeting seems to be a byproduct of French domestic politics,” said one delegate.

Mr Geithner’s statement was almost a point-by-point rebuttal of the main reform proposals outlined by Mr Sarkozy.

In his speech on Thursday, Mr Sarkozy outlined a plan to include China’s renminbi in the basket of currencies that make up the IMF’s Special Drawing Rights, which have been proposed as a potential global reserve currency to rival the US dollar.

But Mr Geithner said currencies should only be included in the SDR basket if their countries had flexible exchange rates, independent central banks and allowed free movement of capital flows. China does not meet any of those criteria and will not do so for a long time.

C'est pour cela que le libre-échange est une fumisterie, tant aussi longtemps que les pays souverains manipulent leurs monnaies, le libre-échange n'est que simple mot composé sans grande profondeur.

Il est nécessaire d’appliquer :

Un protectionnisme raisonné et raisonnable

Par Maurice Allais, prix Nobel d’économie

The basket of currencies included in SDRs is currently made up of the US dollar, the British pound, Japanese yen, and the euro.

Two years ago Zhou Xiaochuan, Chinese central bank governor, was the first to publicly propose that the renminbi be included in the SDR basket and that SDRs should become an alternative to the US dollar as a global reserve currency.

But China has since cooled on the idea of moving too quickly towards this objective.

Mr Geithner also dismissed Mr Sarkozy’s suggestion that the G20 consider setting up a “new and more representative forum” to co-ordinate intervention to tackle excessive currency volatility.

Global monetary reform did “not require a new treaty or a new institution”, Mr Geithner said. “It can be achieved by national actions to follow through on the work we have already begun in the G20 to promote more balanced growth and address excessive imbalances.”

Les Américains constatant qu’il est impossible de trouver un consensus avec le G20, impriment de l’argent et dévalue leur monnaie.

French officials said no communiqué would be published at the end of the Nanjing meeting and that no political decisions were expected.