Two major issues are at the heart of the political debate in France: purchasing power and pensions. The economic and political tensions for two years have generated a sharp increase of the fossil fuels prices, sending us forty years back at the time of the two oil shocks. The sanitary crisis has perturbated industrial products and spare pieces supply chains and the situation has been made worse with its rebound in China, which, there too, has generated pressures on prices. The invasion of Ukraine by Russia has, at last, created major uncertainties  regarding the supply of cereals, which will weight ...

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Globalization is dead. Vive la globalization ! The economic and political crisis to which the world is confronted today with the lasting consequences of the Covid-19 pandemic and of the invasion of Ukraine by Russia shows the end of the globalization as it was known during these last decades. The occurred breaks are hurting much more heavily the economic situation of the countries than these caused by the oil shocks in the Seventies, the reforms in China during the Eighties and the Soviet Union collapse at the beginning of the Nineties. Economies had progressively been able to adapt themselves to these ...

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The inflationist crisis that the Western countries are now knowing and the envisioned remedies are inevitably sending back to that one of the Seventies final years, generated by the second oil shock, itself provoked by the war in Iran. During near forty years, the developed world was thinking it had put an end to inflation and was even starting to be worried by a deflation risk. In the United States, it is the appointment, at the end of 1979, of a new chairman at the Federal Reserve, Paul Volcker, which constituted a real turnaround. To fight against inflation which was ...

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