Not all of them died, but all of them were sick
The big day has arrived. Donald Trump has imposed exorbitant tariffs on the rest of the world.The basic rate will be 10% for all products entering the United States, but…
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…
Inflation is not a monetary phenomenon
Inflation stories are all different. While price increases are tending to normalize in the Eurozone and the United States, China is on the verge of becoming deflationary, and Japan, long…
What currencies in tomorrow’s world ?
The world that is emerging will not resemble the one collectively constructed until now. This integrated world had transparent borders and has lived.In this world, the dollar reigns because it…
Tariffs, US Recession, “Smoot-Hawley” and China
The last few days have been marked by Trump’s procrastination on tariffs. One day he imposes very high tariffs on Canada and Mexico, lower ones on China, then he reverses…