Positive real interest rate: a new world opens
New regime change on the debt market, inflation and long-term interest rates are now on an equal footing. A little over two years ago, investors had to successively face a…
Philippe Waechter's blog
What impact the extension of the Middle East conflict could have on France?
In the event of conflict in the Middle East, the economic measure of the shock is the oil price profile. On many occasions, the outbreak of conflict results in a drop in production and a significant increase…
100 Years ago, German Hyperinflation
This morning while looking at an app on my phone, it says that in 1923, a century ago, a loaf of bread in Germany sold for 140 billion marks. This episode of hyperinflation is the…
Bipolar, multipolar: what equilibrium for the world? (Part 3)
The world can no longer spontaneously fit into a bipolar framework, the two leaders are far from having the power of the United States and the USSR which dominated the Cold…
Bipolar, multipolar: what equilibrium for the world? (Part 2)
The world is now naturally multipolar because the two great powers, China and the United States, no longer have the economic means and military capabilities that the USA and the USSR had during the…
Bipolar, multipolar: what equilibrium for the world? (Part 1)
How is the world divided?The question has been asked since relations between China and the United States became strained while the Middle Kingdom gained economic and especially political power. Tensions…
A new world to build
The shift towards a sustainable trajectory compatible with the energy transition will cause a transformation of society and the productive system that is more profound than imagined. Several points to…
Energy Transition
Can the energy transition be limited to the construction of renewable energies, mainly solar panels, at low prices? This is something that is often heard or read.This optimistic view would signal that…