At a moment when the Goncourt Prize in France is awarded to a narrative about the annexation of Austria by the German Nazi regime and when October Revolution is commemorated, instead of being celebrated, history is omnipresent. It has invaded political debate in France, where are castigated policies conducted “for thirty years”. At the beginning, it was the left which was targeted because that period coincided with François Mitterrand election in 1981. But, years after years, this starting point has moved and this indictment has lost some of its political content. The main flaw of the Eighties is that ...

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Financial markets have always been influenced by the innovations which affected the survival of some companies or which generated the success of the others which had been at their launch. Excessive reactions spiraling out of controls even generated major crisis as at the beginning of the years 2000 with the Internet bubble. Its blow-out had consequences by far more important than the fall of some stocks and affected growth of the American economy. Lessons have not been learnt because we see again a craze for stocks which represents the “new economy” as Alphabet, Google parent company, or Amazon. They reach ...

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Moody’s rating agency has downgraded last week China sovereign debt notation. It echoes the numerous alerts about the excessive indebtedness of local authorities and state-owned companies. On the opposite, the State debt ratio (48%) would make many countries dreaming about it. That decision did not provoke any concern to financial markets. Shanghai, Taiwan and especially Hong Kong have followed their rise with, for the last one, a 16% increase since the beginning of the year. The Chinese risk is, in fact, overestimated and it is not new. The country has a huge current account surplus and currencies reserves above ...

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