Even if no major financial crisis has occurred during the ending year, it will remain everywhere as a bad vintage. The major financial markets have made this analysis and have heavily fallen during the fourth quarter. For several months, the exceptionally long duration of the economic cycle which followed the 2007-2008 crisis had surprised. Many experts had announced its end and predicted a new serious financial crisis with their eyes oriented toward China and consequences on the whole planet. That did not happen but there is unanimity to note that the world has become more fragile and that every country ...