{"id":3408,"date":"2018-10-03T13:06:24","date_gmt":"2018-10-03T13:06:24","guid":{"rendered":"https:\/\/www.bondvigilantes.com\/francais\/?p=3408"},"modified":"2019-05-22T07:31:32","modified_gmt":"2019-05-22T07:31:32","slug":"just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident","status":"publish","type":"post","link":"https:\/\/bondvigilantes.com\/francais\/2018\/10\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\/","title":{"rendered":"Comme en 2008 ? La hausse du p\u00e9trole, le resserrement mon\u00e9taire de la BCE \u2013 il ne manque plus qu\u2019une crise du cr\u00e9dit"},"content":{"rendered":"

Alors que nous comm\u00e9morons le dixi\u00e8me anniversaire de la faillite de Lehman et que nous avons commenc\u00e9 \u00e0 nous rem\u00e9morer ce que nous faisions en 2008 (tenter d\u00e9sesp\u00e9r\u00e9ment de retirer mes \u00e9conomies de certaines banques \u00e9tait l\u2019une de mes priorit\u00e9s, en \u00e9coutant MGMT<\/em>, Los Campesinos<\/em> (album de l\u2019ann\u00e9e\u00a0?) et l\u2019album Dear Science de TV On The Radio<\/em>), j\u2019ai consult\u00e9 notre blog pour v\u00e9rifier quels avaient \u00e9t\u00e9 les premiers signes avant-coureurs durant cet \u00e9t\u00e9 l\u00e0.<\/p>\n

Il est utile de poss\u00e9der un historique pour pouvoir se pencher sur des \u00e9v\u00e9nements pass\u00e9s qui ont eu une incidence sur le march\u00e9 et v\u00e9rifier quelles \u00e9taient r\u00e9ellement les pr\u00e9occupations de l\u2019\u00e9poque, plut\u00f4t que de s\u2019en tenir aux commentaires post\u00e9rieurs \u00e0 l\u2019\u00e9v\u00e9nement en question. Nous \u00e9tions\u00a0pr\u00e9occup\u00e9s par la situation du march\u00e9 immobilier am\u00e9ricain (voici un exemple de la couverture sombre et pessimiste que nous en faisions sur le blog de Richard Woolnough en janvier 2008<\/strong><\/a>) \u00a0<\/strong>mais durant nos d\u00e9placements aux \u00c9tats-Unis en juin de cette ann\u00e9e-l\u00e0, c\u2019\u00e9tait un autre sujet qui tournait en boucle sur les cha\u00eenes d\u2019information\u00a0: le p\u00e9trole.<\/p>\n

\"\"<\/a><\/p>\n

Le prix de l\u2019immobilier est \u00e0 nouveau mentionn\u00e9 dans le blog de juin, mais le p\u00e9trole reste la principale pr\u00e9occupation des am\u00e9ricains. Et \u00e0 juste titre, puisque onze des douze derni\u00e8res r\u00e9cessions aux \u00c9tats-Unis ont \u00e9t\u00e9 pr\u00e9c\u00e9d\u00e9es par une flamb\u00e9e du prix du brut. La hausse des prix de l\u2019\u00e9nergie ralentit consid\u00e9rablement l\u2019activit\u00e9 \u00e9conomique\u00a0; l\u2019impact est dans doute moindre de nos jours, surtout dans les pays d\u00e9velopp\u00e9s o\u00f9 l\u2019efficacit\u00e9 \u00e9nerg\u00e9tique est beaucoup plus \u00e9lev\u00e9e qu\u2019elle ne pouvait l\u2019\u00eatre dans les ann\u00e9es 1970, par exemple, mais la hausse des prix du p\u00e9trole touche aussi bien les consommateurs que les entreprises. Ce qui nous am\u00e8ne \u00e0 aujourd\u2019hui. Au cours des 12 derniers mois, le prix du baril de WTI aux \u00c9tats-Unis est pass\u00e9 d\u2019environ 50\u00a0$ \u00e0 75\u00a0$, soit un bond de 50\u00a0%. Les prix de l\u2019essence demeurent bien inf\u00e9rieurs \u00e0 4\u00a0$ le gallon, niveau qu\u2019ils avaient atteint en 2008, mais ils restent \u00e9lev\u00e9s \u00e0 pr\u00e8s de 3\u00a0$. La croissance sera donc plus lente en 2019.<\/p>\n

\"\"<\/a><\/p>\n

Si vous n\u2019\u00eates pas convaincus que cette hausse de 50\u00a0% va ralentir l\u2019\u00e9conomie am\u00e9ricaine, vous \u00eates peut-\u00eatre plus enclins \u00e0 croire que les pays \u00e9mergents vont \u00eatre plus durement touch\u00e9s encore, compte tenu de la forte d\u00e9pr\u00e9ciation de leurs monnaies en 2018. Le graphique ci-dessous montre que pour la Turquie, un pays importateur, le co\u00fbt du p\u00e9trole a plus que doubl\u00e9 depuis le d\u00e9but de l\u2019ann\u00e9e. Je m\u2019attendrais \u00e0 ce que la croissance des \u00c9tats-Unis surperforme celle du reste du monde en 2019, mais \u00e0 un rythme inf\u00e9rieur en raison de ce mini choc \u00e9nerg\u00e9tique.<\/p>\n

\"\"<\/a><\/p>\n

Qu\u2019ai-je trouv\u00e9 d\u2019autre dans nos blogs de l\u2019\u00e9t\u00e9 2008\u00a0? Et bien de nombreuses discussions sur le resserrement de la politique mon\u00e9taire de la BCE. L\u2019IPC global de la zone euro s\u2019\u00e9tait hiss\u00e9 \u00e0 4\u00a0% en juin 2008 en raison de la hausse des prix de l\u2019\u00e9nergie, soit le double de l\u2019objectif fix\u00e9 par la banque centrale. Les Bunds \u00e0 \u00e9ch\u00e9ance courte avaient corrig\u00e9, Jean-Claude Trichet d\u00e9clarant que la BCE \u00e9tait en \u00ab\u00a0\u00e9tat d\u2019alerte renforc\u00e9e\u00a0\u00bb.\u00a0 Nous \u00e9crivions ceci \u00e0 l\u2019\u00e9poque\u00a0:<\/p>\n

\"\"<\/a><\/p>\n

Jean-Claude Trichet a relev\u00e9 les taux directeurs de la BCE de 25\u00a0pb en juillet, et ce, en d\u00e9pit de l\u2019existence d\u2019un site Internet aujourd\u2019hui disparu, http:\/\/www.stoptrichet.com\/<\/a><\/strong>, qui recueillait des signatures pour tenter d\u2019emp\u00eacher les hausses de taux. \u00c0 4,25\u00a0%, les taux d\u2019int\u00e9r\u00eat avaient naturellement atteint leur niveau le plus \u00e9lev\u00e9 de ce cycle de hausse et, un an plus tard, ils allaient retomber \u00e0 1\u00a0%.<\/p>\n

\"\"<\/a><\/p>\n

Aujourd’hui, la situation est assez semblable. Le taux d\u2019inflation est loin des 4\u00a0% qu\u2019a connus la zone euro en 2008, la tendance r\u00e9cente est plus nette, surtout en Allemagne o\u00f9 l\u2019IPC est ressorti \u00e0 2,3\u00a0% en glissement annuel. Et dans ce contexte, la BCE proc\u00e8de \u00e0 un resserrement mon\u00e9taire. Le 1er<\/sup> octobre, elle a r\u00e9duit de moiti\u00e9 le volume de ses achats d\u2019actifs mensuels, de 30\u00a0milliards d\u2019euros \u00e0 15 milliards d\u2019euros. Elle pr\u00e9voit de mettre un terme \u00e0 ce programme en d\u00e9cembre \u00ab\u00a0sous r\u00e9serve des donn\u00e9es disponibles\u00a0\u00bb.<\/p>\n

Par cons\u00e9quent, si l\u2019on tient compte du resserrement mon\u00e9taire de la Banque centrale europ\u00e9enne (et naturellement de celui de la Fed, de la Banque d\u2019Angleterre et de nombreuses banques centrales \u00e9mergentes) et de la hausse de 50\u00a0% du prix du p\u00e9trole, nous sommes confront\u00e9s \u00e0 un sc\u00e9nario similaire \u00e0 celui de l\u2019\u00e9t\u00e9 2008. \u00c0 ce d\u00e9tail pr\u00e8s\u00a0: le syst\u00e8me mondial est nettement plus endett\u00e9 que lors de la derni\u00e8re crise. A\u00efe !<\/p>\n

\"\"<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Alors que nous comm\u00e9morons le dixi\u00e8me anniversaire de la faillite de Lehman et que nous avons commenc\u00e9 \u00e0 nous rem\u00e9morer ce que nous faisions en 2008 (tenter d\u00e9sesp\u00e9r\u00e9ment de retirer mes \u00e9conomies de certaines banques \u00e9tait l\u2019une de mes priorit\u00e9s, en \u00e9coutant MGMT, Los Campesinos (album de l\u2019ann\u00e9e\u00a0?) et l\u2019album Dear Science de TV On The Radio), j\u2019ai consult\u00e9 notre blog pour v\u00e9rifier quels avaient \u00e9t\u00e9 les premiers signes avant-coureurs durant cet \u00e9t\u00e9 l\u00e0. Il est utile de poss\u00e9der un historique pour pouvoir se pencher…<\/p>\n","protected":false},"author":2,"featured_media":3439,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[269,43,13],"tags":[51,40,122],"class_list":["post-3408","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crise","category-politique-monetaire","category-taux-dinteret","tag-banque-dangleterre","tag-bce","tag-reserve-federale"],"acf":[],"yoast_head":"\nComme en 2008 ? La hausse du p\u00e9trole, le resserrement mon\u00e9taire de la BCE \u2013 il ne manque plus qu\u2019une crise du cr\u00e9dit - Francais<\/title>\n<meta name=\"description\" content=\"Alors que nous comm\u00e9morons le dixi\u00e8me anniversaire de la faillite de Lehman et que nous avons commenc\u00e9 \u00e0 nous rem\u00e9morer ce que nous faisions en 2008\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bondvigilantes.com\/francais\/2018\/10\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Jim Leaviss\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\\\/\"},\"author\":{\"name\":\"Jim Leaviss\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/2971352be5d6751d2924d548fbdd4691\"},\"headline\":\"Comme en 2008 ? La hausse du p\u00e9trole, le resserrement mon\u00e9taire de la BCE \u2013 il ne manque plus qu\u2019une crise du cr\u00e9dit\",\"datePublished\":\"2018-10-03T13:06:24+00:00\",\"dateModified\":\"2019-05-22T07:31:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\\\/\"},\"wordCount\":844,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/1-FR-P18-10-033-Just-like-2008-Oil-up-FR-VF.png\",\"keywords\":[\"Banque d\u2019Angleterre\",\"BCE\",\"r\u00e9serve f\u00e9d\u00e9rale\"],\"articleSection\":[\"crise\",\"politique mon\u00e9taire\",\"Taux d'int\u00e9r\u00eat\"],\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\\\/\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\\\/\",\"name\":\"Comme en 2008 ? La hausse du p\u00e9trole, le resserrement mon\u00e9taire de la BCE \u2013 il ne manque plus qu\u2019une crise du cr\u00e9dit - Francais\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/1-FR-P18-10-033-Just-like-2008-Oil-up-FR-VF.png\",\"datePublished\":\"2018-10-03T13:06:24+00:00\",\"dateModified\":\"2019-05-22T07:31:32+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/2971352be5d6751d2924d548fbdd4691\"},\"description\":\"Alors que nous comm\u00e9morons le dixi\u00e8me anniversaire de la faillite de Lehman et que nous avons commenc\u00e9 \u00e0 nous rem\u00e9morer ce que nous faisions en 2008\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\\\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\\\/#primaryimage\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/1-FR-P18-10-033-Just-like-2008-Oil-up-FR-VF.png\",\"contentUrl\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/wp-content\\\/uploads\\\/sites\\\/4\\\/2021\\\/12\\\/1-FR-P18-10-033-Just-like-2008-Oil-up-FR-VF.png\",\"width\":960,\"height\":720},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/2018\\\/10\\\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Comme en 2008 ? La hausse du p\u00e9trole, le resserrement mon\u00e9taire de la BCE \u2013 il ne manque plus qu\u2019une crise du cr\u00e9dit\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#website\",\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/\",\"name\":\"Francais\",\"description\":\"M&G\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-FR\"},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/#\\\/schema\\\/person\\\/2971352be5d6751d2924d548fbdd4691\",\"name\":\"Jim Leaviss\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4ec9068fac6c22ac1209db7253be79a290d5e40f35e95fa88c871beb9526103c?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4ec9068fac6c22ac1209db7253be79a290d5e40f35e95fa88c871beb9526103c?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/4ec9068fac6c22ac1209db7253be79a290d5e40f35e95fa88c871beb9526103c?s=96&d=mm&r=g\",\"caption\":\"Jim Leaviss\"},\"url\":\"https:\\\/\\\/bondvigilantes.com\\\/francais\\\/author\\\/jimleaviss\\\/\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Comme en 2008 ? La hausse du p\u00e9trole, le resserrement mon\u00e9taire de la BCE \u2013 il ne manque plus qu\u2019une crise du cr\u00e9dit - Francais","description":"Alors que nous comm\u00e9morons le dixi\u00e8me anniversaire de la faillite de Lehman et que nous avons commenc\u00e9 \u00e0 nous rem\u00e9morer ce que nous faisions en 2008","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/bondvigilantes.com\/francais\/2018\/10\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\/","twitter_misc":{"Written by":"Jim Leaviss","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/bondvigilantes.com\/francais\/2018\/10\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\/#article","isPartOf":{"@id":"https:\/\/bondvigilantes.com\/francais\/2018\/10\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\/"},"author":{"name":"Jim Leaviss","@id":"https:\/\/bondvigilantes.com\/francais\/#\/schema\/person\/2971352be5d6751d2924d548fbdd4691"},"headline":"Comme en 2008 ? La hausse du p\u00e9trole, le resserrement mon\u00e9taire de la BCE \u2013 il ne manque plus qu\u2019une crise du cr\u00e9dit","datePublished":"2018-10-03T13:06:24+00:00","dateModified":"2019-05-22T07:31:32+00:00","mainEntityOfPage":{"@id":"https:\/\/bondvigilantes.com\/francais\/2018\/10\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\/"},"wordCount":844,"commentCount":0,"image":{"@id":"https:\/\/bondvigilantes.com\/francais\/2018\/10\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\/#primaryimage"},"thumbnailUrl":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-P18-10-033-Just-like-2008-Oil-up-FR-VF.png","keywords":["Banque d\u2019Angleterre","BCE","r\u00e9serve f\u00e9d\u00e9rale"],"articleSection":["crise","politique mon\u00e9taire","Taux d'int\u00e9r\u00eat"],"inLanguage":"fr-FR","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/bondvigilantes.com\/francais\/2018\/10\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/bondvigilantes.com\/francais\/2018\/10\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\/","url":"https:\/\/bondvigilantes.com\/francais\/2018\/10\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\/","name":"Comme en 2008 ? La hausse du p\u00e9trole, le resserrement mon\u00e9taire de la BCE \u2013 il ne manque plus qu\u2019une crise du cr\u00e9dit - Francais","isPartOf":{"@id":"https:\/\/bondvigilantes.com\/francais\/#website"},"primaryImageOfPage":{"@id":"https:\/\/bondvigilantes.com\/francais\/2018\/10\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\/#primaryimage"},"image":{"@id":"https:\/\/bondvigilantes.com\/francais\/2018\/10\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\/#primaryimage"},"thumbnailUrl":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-P18-10-033-Just-like-2008-Oil-up-FR-VF.png","datePublished":"2018-10-03T13:06:24+00:00","dateModified":"2019-05-22T07:31:32+00:00","author":{"@id":"https:\/\/bondvigilantes.com\/francais\/#\/schema\/person\/2971352be5d6751d2924d548fbdd4691"},"description":"Alors que nous comm\u00e9morons le dixi\u00e8me anniversaire de la faillite de Lehman et que nous avons commenc\u00e9 \u00e0 nous rem\u00e9morer ce que nous faisions en 2008","breadcrumb":{"@id":"https:\/\/bondvigilantes.com\/francais\/2018\/10\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/bondvigilantes.com\/francais\/2018\/10\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\/"]}]},{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/bondvigilantes.com\/francais\/2018\/10\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\/#primaryimage","url":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-P18-10-033-Just-like-2008-Oil-up-FR-VF.png","contentUrl":"https:\/\/bondvigilantes.com\/francais\/wp-content\/uploads\/sites\/4\/2021\/12\/1-FR-P18-10-033-Just-like-2008-Oil-up-FR-VF.png","width":960,"height":720},{"@type":"BreadcrumbList","@id":"https:\/\/bondvigilantes.com\/francais\/2018\/10\/just-like-2008-oil-up-ecb-tightening-all-were-missing-is-a-credit-accident\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/bondvigilantes.com\/francais\/"},{"@type":"ListItem","position":2,"name":"Comme en 2008 ? La hausse du p\u00e9trole, le resserrement mon\u00e9taire de la BCE \u2013 il ne manque plus qu\u2019une crise du cr\u00e9dit"}]},{"@type":"WebSite","@id":"https:\/\/bondvigilantes.com\/francais\/#website","url":"https:\/\/bondvigilantes.com\/francais\/","name":"Francais","description":"M&G","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/bondvigilantes.com\/francais\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Person","@id":"https:\/\/bondvigilantes.com\/francais\/#\/schema\/person\/2971352be5d6751d2924d548fbdd4691","name":"Jim Leaviss","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/secure.gravatar.com\/avatar\/4ec9068fac6c22ac1209db7253be79a290d5e40f35e95fa88c871beb9526103c?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/4ec9068fac6c22ac1209db7253be79a290d5e40f35e95fa88c871beb9526103c?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4ec9068fac6c22ac1209db7253be79a290d5e40f35e95fa88c871beb9526103c?s=96&d=mm&r=g","caption":"Jim Leaviss"},"url":"https:\/\/bondvigilantes.com\/francais\/author\/jimleaviss\/"}]}},"_links":{"self":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/posts\/3408","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/comments?post=3408"}],"version-history":[{"count":0,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/posts\/3408\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/media\/3439"}],"wp:attachment":[{"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/media?parent=3408"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/categories?post=3408"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bondvigilantes.com\/francais\/wp-json\/wp\/v2\/tags?post=3408"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}