The dollar at risk of chaos
The Financial Times noted that the dollar’s first half was the worst since the first six months of 1973. At that time, the greenback’s value, measured against the six largest…
Philippe Waechter's blog
Is economic uncertainty consistent with robust financial markets?
Since the beginning of 2025, the economic landscape has changed. This change of direction primarily reflects the economic policy pursued by the White House in two dimensions: 1- the accentuation…
The Shift of History – Part 4
For Kindleberger, financial dynamics are not inherently stable. It requires a leader, a hegemon, who, through their actions, guarantees it, giving it the characteristics of a global public good. All…
The Shift of History – Part 3
The current architecture of the global economy owes much to the actions of central banks. Since the early 1980s, with the progressive financialization of the global economy, they have taken…
The Shift of History – Part 2
Thucydide and Fernand Braudel allow us to understand the movements, Kindleberger is more in the analysis of the dynamics which are stalling. For Thucydide, Sparta must enter into conflict with…
The Shift of History – Part 1
World history is generally shaped by a leading country. This has been the case since World War II with the United States and earlier with Great Britain. This hegemon provides…
International trade and the future of the world
Increased trade is a major source of improved economic activity and income. This point was demonstrated by classical economists, then extended to international trade. While the theories have been refined,…
Trump is not yet Mitterrand
In an April 23 editorial, the Wall Street Journal editorial team spoke of a Mitterrand moment in Washington. This may seem mysterious at first glance, since Donald Trump is more…