Note sur la crise financière internationale[Note on the international financial crisis]

This paper deals with the international financial crisis that began around July 2007 and became evident in September 2008. It is true that to date, many of the ideas focus on the possible consequences of this crisis on the real economy and on the evaluation of the maximum time of its influence and its effect on the progress of the global economy and this seems to hold attention of economists and giving little room for analysis of its origins. For some analysts, the financial crisis of 2007-2008 is originated in expansionary monetary policy conducted by Alan Greenspan after 2001, a second group of analysts think it comes from innovations and the growing complexity of financial activities stimulated to take even more risk and the lack of regulation in the housing market and finally, another group of analysts attribute this crisis to the Bush administration, because he has legitimized the increasing budget deficit by the need for the war against terrorism, which has displaced the budgets of social infrastructure investment for the war, the rise in external debt and money creation. Recall here that the facts influence thinkers, and this creates both the appearance of doctrines and theories to support them. Based on these observations, this paper proposes to first analyze the relationship between the attacks of September 11, 2001, the wars in Afghanistan and Iraq and the fiscal and monetary policies conducted by the U.S. authorities as a result of these events and also the relationship between these policies and the current international financial crisis. Then show how the crisis has spread to the U.S. financial system and world, and finally to present its first effects on the real economy.