{"id":6398,"date":"2023-03-16T12:24:42","date_gmt":"2023-03-16T16:24:42","guid":{"rendered":"https:\/\/cdialumni.ecademydj.com\/?p=6398"},"modified":"2023-03-16T12:24:42","modified_gmt":"2023-03-16T16:24:42","slug":"deja-vu","status":"publish","type":"post","link":"https:\/\/cdialumni.ecademydj.com\/fr\/2023\/03\/16\/deja-vu\/","title":{"rendered":"D\u00e9j\u00e0 Vu"},"content":{"rendered":"<h3><strong>Par Dominique Jacquet<\/strong><\/h3>\n<p>&nbsp;<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-large wp-image-5850\" src=\"https:\/\/ecademydj.com\/wp-content\/uploads\/2023\/03\/SVBMars2023-1024x768.jpeg\" alt=\"\" width=\"1024\" height=\"768\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>Les plus m\u00e9lomanes d\u2019entre nous ont reconnu le titre et vibr\u00e9 \u00e0 l\u2019\u00e9coute du deuxi\u00e8me album des c\u00e9l\u00e9brissimes CSNY (Crosby, Stills, Nash &amp; Young pour les ignorants) paru en 1970. L\u2019ann\u00e9e est d\u2019importance puisqu\u2019elle annonce la fin prochaine d\u2019une \u00e8re \u00e9conomique et financi\u00e8re pendant laquelle le dollar \u00e9tait accroch\u00e9 \u00e0 ce que Keynes appelait la relique barbare, \u00e0 savoir l\u2019\u00e9talon-or.<\/p>\n<p>&nbsp;<\/p>\n<p>Je reviendrai en fin de blogue sur ce point historique. Venons-en \u00e0 l\u2019actualit\u00e9 financi\u00e8re, \u00e0 savoir la d\u00e9route d\u2019une institution utile pour les start-ups et qui, \u00e0 premi\u00e8re vue, ne r\u00e9alisait pas des montages complexes au d\u00e9triment de ses clients, la d\u00e9sormais fameuse Silicon Valley Bank (SVB). Le monde s\u2019inqui\u00e8te d\u2019une potentielle propagation de la crise de liquidit\u00e9 \u00e0 l\u2019ensemble du syst\u00e8me financier et on \u00e9voque (D\u00e9j\u00e0 Vu) le retour des <em>Subprime <\/em>et autres crashes m\u00e9morables. Il semblerait que le mode de fonctionnement de la SVB soit en fait assez \u00ab\u00a0rustique\u00a0\u00bb. La banque re\u00e7oit des d\u00e9p\u00f4ts pour un montant significatif (de l\u2019ordre de 200 milliards de dollars), souvent en provenance de start-ups qui viennent de lever des fonds substantiels, pour les placer en Bons du Tr\u00e9sor am\u00e9ricains, ce qui n\u2019est pas une strat\u00e9gie <em>a priori<\/em> tr\u00e8s risqu\u00e9e.<\/p>\n<p>&nbsp;<\/p>\n<p>Petit d\u00e9tour sur le concept de risque obligataire. Un actif est r\u00e9put\u00e9 \u00ab\u00a0sans risque\u00a0\u00bb si la probabilit\u00e9 qu\u2019il ne d\u00e9gage pas les flux de fonds attendus est n\u00e9gligeable. Dans le cas d\u2019une obligation d\u2019\u00c9tat, le <em>rating<\/em> de la dette souveraine donne une indication (une opinion\u2026) sur la probabilit\u00e9 de d\u00e9faillance, c\u2019est-\u00e0-dire la probabilit\u00e9 d\u2019\u00eatre dans l\u2019incapacit\u00e9 de payer les coupons et \/ ou le principal. En ce qui concerne les USA, le risque est quasi-nul, donc la banque ne prenait pas de risque. Malheureusement, c\u2019est plus compliqu\u00e9, car intervient le concept de liquidit\u00e9. Afin de couvrir ses charges, la SVB a plac\u00e9 les d\u00e9p\u00f4ts en obligations \u00e0 long terme dont le taux de rendement \u00e9tait sup\u00e9rieur aux T-Bills \u00e0 3 mois. Ce faisant, elle a exerc\u00e9 une activit\u00e9 bien connue des banquiers, la transformation de d\u00e9p\u00f4ts en cr\u00e9dit. Pr\u00eater \u00e0 l\u2019\u00c9tat am\u00e9ricain ne pose pas de probl\u00e8me, sauf si les taux d\u2019int\u00e9r\u00eat augmentent dramatiquement, ce qui n\u2019alt\u00e8re pas le risque obligataire, mais r\u00e9duit significativement la valeur de revente de la cr\u00e9ance (rappelez-vous, les concepts de sensibilit\u00e9 et de duration\u00a0!). Pour r\u00e9cup\u00e9rer le capital de l\u2019obligation, il ne faut pas la vendre, mais attendre la maturit\u00e9 (remboursement ultime en fin de contrat). Cependant, les rumeurs (bien fond\u00e9es) des difficult\u00e9s de la SVB ont conduit rationnellement les d\u00e9posants \u00e0 courir \u00e0 la banque (<em>bank run<\/em>) pour r\u00e9cup\u00e9rer leurs fonds. La derni\u00e8re fois, c\u2019\u00e9tait Northern Rock en 2008\u2026<\/p>\n<p>&nbsp;<\/p>\n<p>En l\u2019absence d\u2019inflation et de hausse des taux, il n\u2019y aurait (apparemment) pas eu de probl\u00e8me. Donc, la responsabilit\u00e9 doit \u00eatre cherch\u00e9e au niveau des banques centrales qui ont augment\u00e9 les taux pour juguler l\u2019inflation\u2026 Au passage, bien conscients que cela arriverait un jour, les \u00c9tats ont massivement emprunt\u00e9 \u00e0 taux fixe sur des dur\u00e9es tr\u00e8s longues afin de r\u00e9duire le co\u00fbt futur de l\u2019endettement et de faire dispara\u00eetre la dette par l\u2019imp\u00f4t le plus efficace, l\u2019inflation. L\u2019inflation est une fiscalit\u00e9 sans l\u00e9gislation disait Milton Friedman\u2026<\/p>\n<p>&nbsp;<\/p>\n<p>On red\u00e9couvre aujourd\u2019hui l\u2019inflation, mais le ph\u00e9nom\u00e8ne est bien connu et a \u00e9t\u00e9 largement document\u00e9. Augmentation non contr\u00f4l\u00e9e de la masse mon\u00e9taire, d\u00e9ficits budg\u00e9taires, instabilit\u00e9 des cours des mati\u00e8res premi\u00e8res, incertitudes diverses, notamment dans les relations internationales\u00a0: tous les ingr\u00e9dients sont aujourd\u2019hui r\u00e9unis pour assurer \u00e0 ce processus \u00e9conomique une dur\u00e9e de vie qui risque de se prolonger. Donc, pour annihiler l\u2019inflation, il faut refroidir l\u2019\u00e9conomie en augmentant le co\u00fbt de la liquidit\u00e9 et, ainsi, en r\u00e9duisant la masse mon\u00e9taire. La politique mon\u00e9taire se conduit par le niveau des taux d\u2019int\u00e9r\u00eats. Cela n\u2019a pas toujours \u00e9t\u00e9 le cas. Je me rappelle mes ann\u00e9es de tr\u00e9sorier d\u2019une firme qui vendait des \u00e9quipements et assurait leur financement. L\u2019acc\u00e8s \u00e0 la liquidit\u00e9 \u00e9tait tr\u00e8s contr\u00f4l\u00e9 et nous disposions d\u2019un portefeuille assez fourni de lignes de cr\u00e9dit confirm\u00e9es qui co\u00fbtait environ 0,5% par an de la partie non utilis\u00e9e de la ligne. Il fallait payer ce prix pour \u00eatre certains de refinancer nos op\u00e9rations locatives. Puis, l\u2019encadrement du cr\u00e9dit \u00e0 disparu, la r\u00e9gulation de la masse mon\u00e9taire se faisant d\u00e9sormais par les taux. Prudents, nous avons conserv\u00e9 les lignes, mais ren\u00e9goci\u00e9 les taux qui ont \u00e9t\u00e9 divis\u00e9s par 4.<\/p>\n<p>&nbsp;<\/p>\n<p>Sur quel principe r\u00e9guler l\u2019\u00e9volution du financement de l\u2019\u00e9conomie\u00a0? La monnaie est un \u00e9l\u00e9ment du passif d\u2019une banque centrale. D\u2019o\u00f9 l\u2019int\u00e9r\u00eat de disposer d\u2019un actif robuste et p\u00e9renne apport\u00e9 en garantie aux d\u00e9tenteurs du passif pour garantir la monnaie, ce qui limite d\u2019autant sa progression. Certains \u00c9tats utilisaient leur stock d\u2019or m\u00e9tal comme garantie. Faible croissance du volume d\u00e9tenu, donc discipline assur\u00e9e de la croissance de la masse mon\u00e9taire et s\u00e9r\u00e9nit\u00e9 des porteurs de la liquidit\u00e9 rassur\u00e9s par la convertibilit\u00e9. En d\u00e9cembre 1971, un an \u00e0 peine apr\u00e8s la parution de D\u00e9j\u00e0 Vu, Nixon abandonne la convertibilit\u00e9 or et cr\u00e9e l\u2019\u00e9talon dollar. Augmentation de la masse mon\u00e9taire, donc mise \u00e0 disposition de fonds consid\u00e9rables pour constituer les conglom\u00e9rats inefficaces des ann\u00e9es \u201970, d\u00e9r\u00e9glementation dans les ann\u00e9es \u201980 et vague d\u2019OPA hostiles avec des fonds encore plus disponibles pour financer les acquisitions, d\u00e9veloppement des d\u00e9riv\u00e9s et produits structur\u00e9s, crise de 1987, cr\u00e9ation et explosion de la bulle internet, sauvetage de l\u2019\u00e9conomie par le d\u00e9ficit budg\u00e9taire, <em>Subprime<\/em>, liquidit\u00e9 tellement abondante qu\u2019elle conduit \u00e0 un effondrement des taux d\u2019int\u00e9r\u00eats et \u00e0 une inflation sur les actifs (immobiliers et boursiers), inflation g\u00e9n\u00e9rale, hausse des taux et\u2026 SVB (et autres banques bien pourvues en titres souverains\u2026).<\/p>\n<p>&nbsp;<\/p>\n<p>Certains pays ach\u00e8tent massivement de l\u2019or m\u00e9tal, bien au-del\u00e0 de besoins identifi\u00e9s \u00e0 court terme. Est-ce pour pr\u00e9parer un retour \u00e0 la convertibilit\u00e9 or honnie par de nombreux \u00e9conomistes\u00a0? Est-ce pour pr\u00e9parer la fin de l\u2019\u00e9talon dollar comme marqueur de leur propre puissance \u00e9conomique\u00a0?<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Par Dominique Jacquet &nbsp; &nbsp; Les plus m\u00e9lomanes d\u2019entre nous ont reconnu le titre et vibr\u00e9&hellip;<\/p>\n","protected":false},"author":2,"featured_media":6396,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-6398","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-non-classifiee"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>D\u00e9j\u00e0 Vu - 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