Retour sur la crise et les politiques mises en œuvre : une perspective autrichienne[Past and Future of the crisis]

This paper argues in an Austrian-Business Cycle's perspective that all the conditions are met again to have new crisis. The Federal Bank treats, always, a crisis of liquidity excess by low interest rate, i.e. "cheap money policy". When Federal Bank will have to rise its rates, the crisis will come back. This working paper explains also why, on the one hand, the post-keynesian's explication (Minsky) gives only a part of the story and, whyon the other hand, public spending and public debt was not the solution. It gives only a part of the story by if the financial market is fragile it is because central bank increases the moral hasard phenomena. The capitalism by fiat is the cause of market instability. Moral hazard incentives banks to take risks. In this context economic policies implemented to manage the crisis are inadequate. The public expenditure, at the origin of public debt, is not the solution. It is on the contrary a part of the problem. Indeed beyond the optimal size of government the rise of public spending has negative effect on economic growth. It increases public debt and the level of tax and then creates the conditions to have a crisis even deeper.