2025 vs 2008, which crisis is more serious?
Is the crisis caused by Donald Trump’s economic policy choices, by the unpredictability of announcements, their cancellation or withdrawal, more serious than that of 2008? At that time, the ground…
Philippe Waechter's blog
The four cardinal points of Europe
“But in their own way, Europeans have created a place where they are guaranteed rights to what others desire: life, liberty and the pursuit of happiness.” This is the conclusion…
Europe, productivity and aging
Europe must find greater autonomy in the somewhat crazy world that is emerging. China is no longer such a strong market, Russia is no longer a cheap source of energy,…
The United States, China, tech and the climate
The United States’ incomprehension of China is expressed in JD Vance’s remarks on globalization: “The idea of globalization was that rich countries would move higher up the value chain, while…
The World According to Trump – Part 2 –On the impossibility of killing two birds with one stone
The prerequisiteIndicators of distrust in Donald Trump’s economic policy are multiplying.According to the University of Michigan survey, American consumers are very worried. In April, they expect inflation to rise sharply…
Understanding the importance of international trade
Donald Trump’s announcement regarding tariffs came as a bombshell. The United States’ trade deficit must be reduced at all costs. There are four dimensions to analyzing a country’s foreign trade.…
Will the dollar depreciate?
The dollar is structurally overvalued given its external deficit. In any economy, such a deficit would have resulted in a sharp and lasting depreciation of its currency. This is not…
The World According to Trump – Faulty Premise – Part 1
In less than a week since Donald Trump’s announcements on tariffs, the foundations of the global economy have been called into question. There is the economy of the past and…