The dollar has experienced a spectacular increase these last months against all the major currencies in the world. For a year, it has appreciated itself by 15.2% against the euro and by 17.6% against the sterling, an increase which slowed these last days after the turnaround of the British government which has abandoned its general taxes cut policy after having announced it some weeks before. The fall of the yen is spectacular: -23.3% when the Chinese currency, the Yuan has better resisted; the cause of the dollar appreciation is well identified, but the spreads between currencies would ...

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The economic and financial consequences of the Covid-19 pandemic and of the Ukraine invasion by Russia, which are adding to themselves and during more than forecasted in the Western countries are so heavy that it is not anymore excessive to talk about a global crisis. China has not been saved due to its very strict policy and to the breakout of supply chains built during the last decades and which were at the origin of the globalization. At the eve of the 20th Congress of the Communist Party which will decide, in all probability, to give a third five-years mandate ...

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The threats weighting on Europe supplying of natural gas, the very strong increase of the prices which are resulting from it and the risks of a breaking of the deliveries to essential industries remind us the oil crisis of the Seventies. The barrel price, in less than ten years, came from 3 to 30 dollars. The creation of the OPEC allowed to keeping that level and an embargo on deliveries to European countries was even decided. So the natural gas has become a strategic fossil energy as was oil forty years ago.

The main cause of this crisis is the ...

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