US tariffs: destabilizing and inflationary
The implementation of 25% tariffs at the US borders will be announced on April 2. The Trump administration’s goal is twofold:1- Collect revenue with the ultimate objective of replacing income…
Philippe Waechter's blog
The Recomposition of the World – Part 2
The era of globalization saw the rationality of trade and its proliferation emphasized. Each participant could benefit from trading. The model was positive-sum. Such a framework facilitated peace between nations,…
The Recomposition of the World – Part 1
In a recent speech, US Vice President JD Vance explained the failure of globalization in these terms: “The idea of globalization was that rich countries would move up the value…
International finance in 2025*
Like the real economy, finance is disoriented by recent economic and political developments.Gold is at its highest, and long-term rates in Germany have risen as never before following the announcement…
What if the German recovery plan was the long-awaited boost for Europe?
Since 2019, the German economy has stagnated, and the negative impact of Covid has been caught up with but not overcome. German GDP increased from 100 to 100.2 between 2019…
Consumers at the heart of the risk of recession in the United States
Recession fears are growing in the United States as the economy trended robustly toward the end of Joe Biden’s term. This shift in outlook is becoming increasingly significant. About ten…