Pragmatique, rationnel, indépendant

Eclairages Economiques - le blog

Investir dans la pierre

L'analyse de The Economist : "The global economy faces four potential outcomes: a return to healthy growth (in which case rents should rise); a low-growth, low-inflation period in the doldrums (in which case the income appeal of property should help); a return of rapid inflation (as a real asset, property should offer some protection); or a deflationary slump. Only in the last case would property suffer."



La France s'obstine à ne pas s'ajuster et ne pas se réformer

"Some troubled countries, including Greece, are adjusting nevertheless—either because bail-out programmes require the liberalisation of labour and product markets, or because unemployment is brutally forcing down wages. France presents a bigger conundrum. It is not under pressure from markets. It is too big to be bossed around by Eurocrats. And it is too important for Germany to criticise loudly. The decline of France could sink the euro."

Retraites : l'expropriation continue

"Si la jeunesse s’attend à un départ à la retraite à 70 ans, et en conservant les paramètres actuels du régime général, le rendement qu’elle peut attendre de son investissement est nul. En particulier, la pension que recevra un homme sera deux fois moindre que la rente qu’il aurait obtenue en prêtant ses cotisations à l’Etat. [i.e., en investissant lui-même dans des titres à faible rendement]"

Notre article sur le sujet : 



L'Europe n'est pas sortie de la crise !

Selon un article récent de The Economist :

"America has recovered before Europe not just because it has been less austere, but also because it rapidly sorted out its banks so that they could lend again. (...) the euro zone needs growth-boosting reform. The EU should extend the single market further into services. (...) it should ease austerity (...) Clearly, the reason for today’s inaction is not a shortage of things to do, but a shortage of the will to do them. (...) Across Europe voters have grown resentful of both their own politicians and the EU. (...) the financial markets have been anaesthetised ever since Mario Draghi, the president of the European Central Bank (ECB), promised to “do whatever it takes” to protect the euro zone from collapse."


La France fait parler d'elle

"In a note to investors, [the boss of CQS, one of London’s biggest hedge funds] Mr Hintze has said: “While Cyprus has stolen the news headlines of late, I am concerned that the eurozone’s problems could soon turn to the ‘core’, and in particular the focus could be on France.” (...)

Mr Hintze said: “President Hollande’s ability to drive structural reform may be limited by his ability and willingness (and the Socialist Party’s support of him) to pursue the deeper economic reforms that are required – the tax and benefits system, deep reductions in government spending and public administration, and extensive reforms to pensions and the labour market.” He added: “In a country where more than half of the voting population is employed (directly or indirectly) by the state, can France’s leadership tackle the difficult choices that exist?”"

Source : 

Keynes : une théorie limitée à un certain contexte

Larry Summers, secrétaire d'Etat au Trésor sous Bill Clinton, et adversaire reconnu des politiques d'austérité, rappelle toutefois que la théorie de Keynes ne s'applique que dans un contexte particulier, et qu'il est impossible de continuellement relancer l'économie :

"Mark Blyth often seems to forget that in a world where the present value of what a government spends must ultimately be constrained by the present value of the revenue it collects, issuing debt is not an alternative to cutting spending or raising taxes but only a way of deferring these painful steps.

The issue here is a broad one. Keynes could have more accurately titled his landmark work. Instead of being a “General” theory it is, in fact, quite specific, explaining how demand-constrained economies in or near liquidity traps operate. Such a distinction would have avoided the misguided application of Keynesian policies that led to the stagflation of the 1970s and discredited Keynesian economics."

Source :



La controverse sur Reinhart et Rogoff

Quelle que soit la méthode choisie, la conclusion reste similaire : la croissance économique tend à être plus faible dans les pays avec une dette publique plus élevée. NB: il s'agit d'une corrélation, la causalité n'a pas encore été clairement établie empiriquement, même si de nombreux arguments économiques vont dans ce sens.

La France absente de l'Europe

 "You don't hear France's voice at all. They are nowhere, just nowhere," said a senior European diplomat who is in frequent contact with other member states. "This is a critical country and yet it seems absent (...) There is broad agreement that one root of the problem lies in France's inability so far to follow Germany's lead in reforming its economy. A lack of economic competitiveness has undermined France's ability to project influence in Brussels."

La France doit se réinventer : la fin du modèle social français

"The real problem may be that the twin pillars on which the much-vaunted “French exception” has been built since 1945 are wobbling. At home, France took pride in its “social model” of a powerful and generous state. Overseas, the country’s global power was to be rebuilt through an EU constructed around a “Franco-German motor”. The EU, however, is now in deep crisis. And the pretence that it is being jointly run by France and Germany has been stripped away by the gap in economic performance between the two nations. (...) The certainty of further cuts in public spending underlines that France’s vaunted social model has peaked. (...) France is simply going to have to get on with the hard and unglamorous task of economic reform."

Source : 

NB: le "modèle social" français n'est ni un modèle ni social, comme on le montre par exemple ici


La croissance faible, bis

Ca ne s'arrange pas : 

Cela suggère que les taux d'intérêts faibles vont persister pour de nombreuses années encore.


Syndiquer le contenu