The announcement by the rating agency Moody's that France AA will be maintained with a negative outlook is a refutation of the catastrophist discourse widely spread in the political world and in the media. AA is one of the best ratings in the euro area, but the negative outlook is justified by the lack of clarification on the 2026 and 2027 budgets, with the risk of a return to the same political instability that followed the dissolution of the National Assembly in 2024. It is this instability and not the situation of public finances that was at the origin ...

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On se souvient de la phrase du Général de Gaulle, en réalité empruntée à Stephan Zweig : le Brésil est un pays d’avenir et il le restera. Ils faisaient l’un et l’autre allusion à la grande capacité créatrice du pays avec ses écrivains et ses musiciens, célèbres dans le monde entier ou ses architectes mais aussi à ses piètres performances économiques, marquées par la multiplication des crises monétaires et l’instabilité politique qui en résultait. Aux périodes de forte mais brève croissance se sont succédées ...

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The energy crisis that the world is going through is not the first, but it could be much more serious than the previous ones. The crises of the late 1970s were said to have put an end to the Glorious Thirty. This concept, based exclusively on an indicator, GDP, which is far from representing all the characteristics of a country, is misleading since growth was strong because in the aftermath of the war, production was weak. It ignores cruel realities such as the stagnation of life expectancy, the ten thousand deaths each year on the roads or the tens of ...

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