Everyone should be happy with such a result which contrasts with the doubts affecting the durability of U.S. growth, the feeble rebound in Europe and the secular stagnation in Japan. But it’s not the case. This 6.9% figure is immediately accompanied with the following comment: “the worst achievement in 25 years”. China GDP has reached, in 2015, a level near 11 000 billions dollars. Year on year, production  has risen by almost 700 billions dollars, roughly a third of French GDP, whose increase, last year, was as little as 20 billions dollars. But any news coming from ...

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The most significant change occurred during the last twenty years on the economic scene has been the growing importance, not to say the omnipresence, taken by central banks. We are watching, every quarter, what the Federal Reserve is about to decide regarding interest rates, we relied on ECB to save euro, Shinzo Abe has put all his hopes on Bank of Japan to boost the economy which is stagnating for twenty years and, in Beijing, Governor Xiaochuan decisions are considered as being at the origin of the disorders which have affected Shanghai stock exchange and which had impacts on the ...

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On assiste, en ce début d’année 2016, à une sorte de concours de pessimisme, et ce qui est nouveau, les participants ne sont pas tous en France. Les prévisions les plus sombres émanent des économistes qui tentent de se racheter de ne pas avoir vu venir la crise en 2007, ou d’avoir affirmé, au début de l’année 2008,  qu’elle était " finie ". La réaction des marchés financiers ne s’est pas fait attendre. La première semaine à Wall Street comme à Shanghai et en Europe a été la pire de puis de ...

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