Revue de presse produite avec l’aimable collaboration de Richard Le Hir
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Les manifestations étudiantes dégénèrent à Santiago

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ROYAUME-UNI
_ La colère des nouveaux prolétaires
_ 9 août 2011 THE DAILY TELEGRAPH LONDRES
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REVUE DE PRESSE
_ La BCE, un pompier solitaire et tardif
_ 9 août 2011 PRESSEUROP
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Merkel faces revolt over eurozone deal
By Quentin Peel in Berlin

Battle lines are being rapidly drawn up in the German Bundestag for what promises to be a bruising debate over the crisis measures to stabilise debt markets in the eurozone.
Angela Merkel, the chancellor, and her finance minister Wolfgang Schäuble face a revolt among their own supporters in both the Christian Democratic Union and the Free Democratic Party, junior partner in the ruling coalition in Berlin, over the deal they agreed last month with their 16 eurozone partners in Brussels.

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The complex political landscape means that Ms Merkel is determined to resist pressure from her partners, and from the European Commission, for any further measures – such as increasing the size of the €440bn European Financial Stability Facility, or introducing eurozone bonds – for fear of losing her parliamentary majority.
Some members of the CDU have already called for an emergency party conference to debate the government’s entire eurozone strategy. They include new powers for the EFSF to buy eurozone government bonds in the secondary market, and to issue precautionary loans to countries with liquidity problems, and to recapitalise banks.
A separate move by dissidents in the FDP to call an emergency session of the Bundestag seems likely to be blocked, because the opposition Social Democrats (SPD) back the government line to wait for the parliament to reconvene in September.
The German government is also facing a highly critical press in the wake of the weekend decision by the European Central Bank to buy Italian and Spanish bonds, a move that was welcomed by Berlin, although it is opposed by the Bundesbank, Germany’s highly independent central bank, in Frankfurt.
The calls for an emergency party conference have come from the Hesse state branch of the CDU, and from the head of the party’s youth wing, Philipp Missfelder, who is a member of the party’s national executive.
In an interview with the mass circulation Bild newspaper on Tuesday, Mr Missfelder said he would call for an emergency party conference at the next meeting of the executive on August 22, if Italy were forced to seek help from the eurozone rescue fund.
“The party has a right to participate in such momentous decisions,” he said. But he left an escape route for the party, because Italy is technically not getting help from the EFSF rescue fund, but from the European Central Bank.
A more serious threat to Ms Merkel’s 21 seat majority in the Bundestag comes from the liberal Free Democrats, who are fighting desperately to recover from a slump in popularity, which has dropped from 14 per cent to barely 3 per cent in the polls since the last election in 2009.
One third of the delegates at the last FDP party conference voted for a resolution rejecting the plans for a permanent European Stability Mechanism, which is supposed to replace the EFSF from 2014.
On Tuesday, Philipp Rösler, the economy minister and party leader, came up with a proposal for a European “stability council” which would set “stress tests” to measure the competitiveness of individual eurozone members, and impose automatic sanctions to force reforms upon them. The move was seen as an attempt to head off a growing revolt from his backbenchers.
Ms Merkel insists that she will deliver her majority in favour of the deal. If more than 21 supporters refused to back the deal, she would be forced to rely on the opposition SPD and Greens, both of whom are in favour. That would ensure German approval for the eurozone reform package, but it would be politically devastating for the chancellor not to be able to count on majority support from her own ranks, and could cause the government to fall.
Sigmar Gabriel, SPD chairman, on Tuesday promised his party’s support once again, and argued that the German government should go further, and allow eurozone bonds to be introduced, ensuring easier borrowing for the most debt-strapped eurozone member states.

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Reform or Business as Usual?
_ Defense Budget Hysteria
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Emeutes de Londres: les soubresauts d'une vieille société
L'Angleterre, et plus largement les sociétés occidentales, sont dans une phase de transition économique et sociale dont les évènements de ces derniers jours sont un symptôme.
- Des officiers de police en tenue antiémeute se tiennent devant un immeuble en feu, à Tottenham. REUTERS/Stefan Wermuth. -

Denis MacShane Député travailliste de la circonscription de Roterham (South Yorkshire) depuis 1994. Ancien ministre des Affaires européennes du gouvernement Blair de 2002 à 2005.

Les émeutes et la vue de Londres en flammes sont des symptômes de la crise que nous traversons des deux côtés de l'Atlantique. Ni l’économie américaine ni l’économie européenne ne fonctionnent. La droite demande davantage de néo-libéralisme, la gauche plus d’Etat. Ont-elles toutes les deux tort? Avons-nous besoin à la fois de plus de marché et de plus d’Etat?


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S&P : le gouvernement français est "plus sérieux" que celui des Etats-Unis

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Chute en Bourse : le PDG de la Société générale réagit
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Les banques françaises dans la spirale de la peur
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Plombée par les banques, Wall Street chute

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La folle rumeur qui a fait chuter le cours de la Société générale


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Difficile équation à résoudre pour contrer la spéculation

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Qui détient la dette de la France ?

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European Shares Close Down 3.5% on French Bank Fears
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Gold adds more than $50 to top $1,800 an ounce


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Jacques Attali : "Les Etats se comportent comme Bernard Madoff"

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2011 Greek State Budget Deficit Widens 24% Through July

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The Price Of A Big Mac Is Now $17.19 In Zurich

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The second side of the financial storm
_ Commentary: Great opportunities born from profound obstacles

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Financial Giants Turning Into 'Zombie Banks': Whitney

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France Aims for More Deficit Cuts as Rating Eyed
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European Shares Close Down 3.5% on French Bank Fears
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The Dow Could Fall to 9700 in the Long Term: Charts
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US Mint Halts Sale of Gold Collector Coins

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Fed: Low rates to stay till at least mid-2013
_ Three Fed officials dissent for the first time in almost two decades

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Fed is as paralyzed as Congress is
_ Commentary: Economy doing much worse, but nothing will be done



The economy is in much worse shape than we thought, the Fed said. And we won’t — or can’t — lift a finger to do anything about it.
Up until now, the Fed had been clinging to a hope that the softening in the economy would prove to be transitory, that temporary factors — such as high energy prices and the supply shock of the Japanese earthquake — were to blame.
No longer.
The Fed has come to grips with the reality: If temporary factors “account for only some of the recent weakness in economic activity,” then it follows that permanent, structural or fundamental factors must account for most of our problems. And those problems will take years to resolve.
Sure, the Fed made some news by saying that it would likely keep interest rates exceptionally low until the middle of 2013. Never before has the Fed put a date-certain stamp on any of its actions. That sounds like a pretty dramatic announcement, but actually it was a statement of impotence. Read the full text of the Fed statement.
The promise to keep interest rates near zero for two more years will do very little to stimulate the economy in the near term. On the margin, the Fed’s promise will help cement market expectations that the Fed won’t be tightening monetary policy any time soon. Everyone already expected the Fed to sit tight for a long time, so what does it really achieve?
The mid-2013 promise falls well short of the market’s hopes, but it was as far as Federal Reserve Chairman Ben Bernanke could push his committee. Three of the 10 members of the Federal Open Market Committee dissented, which by central-banking standards is practically a mutiny. The three dissents tell us that the Fed won’t implement a new round of bond buying — not unless the situation gets a lot worse. The remaining arrows in Bernanke’s quiver will stay right there, unused.
And the economy — and the market — must fend for itself.
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Falling Bank Stocks Offer a Too-Big-to-Fail Wakeup Call: View


Bank of America and Citigroup stood out for all the wrong reasons in Monday’s market meltdown. Shares of the two banks led the decline amid new doubts about the quality of the assets buried on their balance sheets.
Investors now believe that Bank of America’s net worth is only about a third of what the bank claims; for Citigroup the figure is less than half.
Any time shares of a financial company such as Bank of America or Citigroup plunge it’s particularly worrying. Both are among the roughly 40 U.S. institutions considered too big to fail. The Dodd-Frank Act, adopted in response to the financial convulsions of 2008, was supposed to ensure that taxpayers never have to rescue one of these banks again.