At the time they continue to grow faster

Good blood but it is, of course! The real failure of the global economy is. It is emerging little by little, to listen to the experts from Beijing, Istanbul, São Paulo or Moscow, the symposium organized last week by the credit insurer Coface country risk: the crisis, emerging economies have led effective policies to combat shock come to Wall Street. They have reduced their interest rates. Many of them have also increased their public expenditures. In a Word, they acted as rich countries.

It is a major change. Until now, when the crisis occurred, they were interest rates to prevent capital flight, as advised by the international monetary fund. Or they closed the borders, by reflex. Now, they practice a Keynesian policy, successfully. At the time, they continue to grow faster. Fortunately, elsewhere: as said Pascal Lamy, French who heads the World Trade Organization, "the United States, the Japan and Europe need a rest of the world to help overcome the crisis".

The failure comes from pain. The emerging have learned the lessons of the Asian crisis of 1997-1998 years violent. At the time, the Thailand, the Korea of the South, the Indonesia and others still attracted hordes of short-term capital, promising a bright future. At the first concern, these capital soared as sparrows. The IMF had then imposed a severe austerity - exactly the opposite of what made the United States since 2007. The production collapsed.

Emerging countries vowed that it would to resume them more. They were spared, accumulated reserves, tight public accounts, monitored the speculative movements. Last year, the Brazil even taxed capital inflows! They also avoided going into debt in foreign currency. For their misfortune, the Eastern Europe was too captured by its post-Communist reconstruction in the 1990s to see that there is a major issue. Its leaders have not learned the lesson. It is for this reason that these countries are now in a dire situation. The Chief Economist of Coface, Yves Zlotowski, proposes the acronym "HELL" (hell) for Hungary, Estonia, Lithuania and Latvia, who are struggling in terrible financial convulsions.

Today, the major emerging countries finance able to interact (and private) in better health than ours. Their debt is on average 37 of GDP compared to 82 for main rich countries. The next crisis, or to the next act of the current crisis, they will have more flexibility to act, except perhaps China should eliminate a great credit bubble.

The superiority of the emerging is not only economic. It is also political. By democracy or dictatorship, these countries are able to decide, to reform, to promote change. Lula II doesn't move lot but Lula I reorganized the Brazil as ever in its history. The India opens. The Russia change even if it is in chaos in which it appears doomed. China goes to social protection and ecology. During this time, the political action patina in rich countries, except in emergencies - plans to rescue the economy yesterday, Haiti relief today. It is clear to the United States, where a minority of 41 senators out of 100 will block reform of the health field for more than a decade. Barack Obama knows that it will also be difficult to change the rules of finance in depth. The Congress has become a machine to block. It is striking to the Japan, where the new Prime Minister, Yukio Hayotama, has as main weapons... is an increase of 10 of spending. In Europe, the community level is inoperative. And in France, the VeRépublique the more energetic President is unable to do much more than a demiréformes. Our older democracies are fossilized. We find the way to get out of there before a volcanic eruption