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After his recovery in the day Wall Street takes a break. The Dow Jones falling by 0.25% to 11,549 points and the Nasdaq 0.70% to 2639 points. Investors should indeed play the card of caution before the release, after closing, the beige book of the U.S. central bank. This snapshot report on the health of the U.S. economy is still highly anticipated by the markets.

Meanwhile investors remain focused on company results and the problems of sovereign debt in Europe. After the warning on the sovereign rating of France, Moody's downgraded by two notches on Tuesday night the note of Spain. This goes from A1 to Aa2 with negative outlook. The rating agency believes that the country remains vulnerable to difficulties in credit markets.In addition, Moody's does not exclude a further reduction if the crisis worsens in the euro area.

Paris and Berlin would be willing to strengthen the stability fund

Rumors press reported an agreement between France and Germany to increase the capacity of European Financial Stability Fund (EFSF) to 2000 billion. But European officials have denied the existence of a formal agreement. This issue should be at the heart of the EU summit on Sunday. Yesterday, however, German Chancellor Angela Merkel reiterated that the top of Sunday should be an "important step" but that the crisis can not be resolved "in a single peak."

At the macroeconomic level, housing starts in the U.S. rebounded strongly in September (15%), driven by the community housing sector, according to figures released Wednesday in Washington by the Department of Commerce.The consumer prices increased in September (0.3%) for the third consecutive month, continuing to erode the purchasing power of households. Investors will also monitor the weekly report on Wednesday oil stocks.

On the foreign exchange market, the European currency climbed to 0.60% in mid-session 1.3825 dollars against 1.3752 dollars late Tuesday.Oil, however, is more mixed.

The barrel of "light sweet crude" for November delivery lost four hundred, to 88.30 dollars a barrel while Brent North Sea crude for December delivery was appreciating by 13 cents to 111.28 dollars.

Mixed results

• Morgan Stanley (2.77% to 17.09 dollars)

The bank on Wednesday reported a profit of $ 2.2 billion in the third quarter against a loss a year earlier, along with a sales increase, both worn by an accounting adjustment.

• AMR (-7.80% to 2.60 dollars)

The parent of the airline American Airlines, announced Wednesday a net loss of $ 162 million for the third quarter, stronger than expected, partly attributed to rising fuel prices no fax payday advances.

• United Technologies (-0.39% to 73.83 dollars)

Technology Group has announced a 10.5% increase in profit to 1.32 billion in the third quarter and raised its forecast for annual results.

• Abbott Laboratories (4.50% to 54.80 dollars)

The health group will split into two listed companies, one centered on the biotechnology and pharmaceutical drugs, the other on medical devices, diagnostics, nutritional supplements and generic drugs, announced the laboratory management.

After the close of Wall Street, Tuesday, several big names from the coast, including three technology giants Apple, Intel and Yahoo! have announced their quarterly results.

• Apple (-5.17% to 400.41 dollars)

The company issued a apple annual net profit up 85% to 25.22 billion dollars but less than market expectations, with a fourth quarter hit by the slowdown in sales of iPhones. The turnover stood at $ 28.3 billion against $ 29.6 billion expected. The firm at the apple has sold 17 million iPhones during the quarter (as against 20 million expected), 4.89 million Mac computers (4.4 million expected) and 11.12 million iPads. For the current quarter, the group of Cupertino expects earnings per share of 9.3 dollars against 9.02 dollars estimated by analysts.

• Intel (4.40% to 24.43 dollars)

Micoprocesseurs a giant in the third quarter against a BPAD $ 0.65 $ 0.61 expected and $ 0.52 last year.The turnover stood at 14.23 billion against $ 13.87 billion a year earlier. The group also increased the amount of its share repurchase program to $ 10 billion.

• Yahoo! (4.46% to 16.16 dollars)

The engine iinternet published for the third quarter EPS of $ 0.21 against $ 0.17 expected. The revenue excluding traffic acquisition costs amounted to $ 1.07 billion, as expected. For the current quarter, the company expects a turnover of 1.13 billion dollars against 1.24 billion expected by analysts.

• Cree (-8.17% to 25.52 dollars) has reported a turnover of 269 million dollars in the first quarter of 2011/2012, stable over one year. Net income fell 58% to 28 million.For the current quarter, Cree expects a net profit of 29-33 million.

• CSX (1.63% to 21.05 dollars)

The group of small electrical equipment achieved a turnover up 11% to $ 2.96 billion. Net income was $ 464 million against $ 414 million a year earlier.

After the close American Express and eBay announce their figures.

All on a diet! Insurance companies to banks, asset sales affecting the entire financial sphere. So after Groupama, Societe Generale, BNP Paribas and Credit Agricole is now the turn of Axa confirmed the reduction of its balance sheet in order to cope with the crisis.

The French insurer has confirmed the sale of its subsidiary's equity division, widely reported in the press. "The purpose of this review, which could lead to a transaction or not, is to explore strategic options for the participation in the group Axa Axa Private Equity," the insurer said in a statement easy to get unsecured personal loans.

And pretenders abound. According to The Tribune on Thursday, the group would be interested Eurazeo.The U.S. Carlyle and KKR would also have views of the largest private equity fund French.

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The Paris Bourse tries to continue the registered slight rebound on Friday. The CAC 40, which opened sharply lower did an about face in the morning. Around 11:00 he advances from 1.86% to 2863.9 points, pulled up by the banking sector. On Monday, Asian stock markets were grinding still black, still concerned about the problems of economic downturn worldwide. "The main problem is that neither the U.S. nor Europe has many options to address their concerns," said Masayoshi Yano, a broker at Meiwa Securities, quoted by Dow Jones Newswires.Investors include much more than expected joint statement of finance ministers and central bankers from the G20 at the end of the meeting in Washington Thursday.

Other major European markets are evolving in a piecemeal, Frankfurt ahead of 1.25% but London always yields 0.84%.

Moreover, the concern surrounding the problems of sovereign debt in Europe remains strong, especially as we enter a crucial week for Greece. The International Monetary Fund (IMF) said that a delegation will travel to Athens this week to determine whether or not the country can benefit from the sixth round of eight billion euros, it vital to avoid bankruptcy. Moreover, Germany will vote Thursday the agreement for the expansion of the scope of the relief fund of the zone (EFSF). Sunday, German Chancellor Angela Merkel expressed confidence the outcome of the vote.Evangelos Venizelos, Greek Minister of Finance, for his part spoke with Jean-Claude Trichet, head of the ECB, a debt restructuring Greek.

In an effort to reassure global markets, finance ministers of the euro area are committed in a common text, to "do everything necessary to solve the crisis of debt and financial stability of the area in whole and its Member States. "The idea of ​​taking office faster than expected EFSF has also been raised by Germany this weekend.

EU Commissioner Olli Rehn himself has said that Europeans reflected to provide the EFSF additional instruments, beyond those agreed in July to give "more power" in an interview with Die Welt newspaper.

The Ifo index better than expected

The Ifo index of business climate in Germany has brought a little balm in the heart of investors. Ila recorded in September a decrease less than expected payday loans.However, this is its third consecutive decline, which seems to suggest that the activity of the first euro zone economy is slowing.

Program from the rest of the week are particularly, the index of investor confidence and U.S. consumers (Tuesday), the final reading of French GDP in the second quarter (Wednesday) and U.S. (Thursday) and retail sales in Germany (Friday).

As for currencies, the euro still appears under the $ 1.35 this morning at 1.3407 dollar. Oil prices, however, went up the slope in morning trading, amid hopes of an agreement to increase the reserve fund for the eurozone.A barrel of "light sweet crude" for delivery in November gained 18 cents to 81.04 dollars a barrel and Brent North Sea crude for November delivery took 42 cents to 104.39 dollars.

Values ​​to follow

• Banking

The banking sector led the trend. By late morning, returning 7.7% BNP Paribas, Credit Agricole and Societe Generale 7.3% 4.54%.

Rumors are still running on a recapitalization by the state of all French banks. The Journal Sunday this weekend evoked an injection of 10 or 15 billion euros.

In addition, the Deposit, the Postal Bank and Dexia negotiate the creation of a new public to fund local governments, according to Le Figaro.In addition, the Franco-Belgian bank could increase its program to sell its toxic assets, housed in bonds, 20 billion euros, according to Les Echos.

• LVMH (-2.23% to 103.10 euros)

The group announced Friday now hold almost all the shares of the Italian jeweler Bulgari, the luxury giant announced the takeover in March.

• France Telecom (-0.91% to 11.40 euros) Iliad (-0.70% to 84.80 euros), Vivendi (-1.29% to 14.57 euros), Bouygues (-1.89 % 24.43 euros).

The state is on track to win his bet on the financial 4G mobile frequencies after a first series of which reported more than budgeted and, according to experts, suggests an aggressive posture in the second round by operators who have not had the expected number of lots.

Note that the IPO of Groupama, long anticipated, was again postponed and is now expected "more towards 2015," said its director general, Jean Azema, in an interview with Les Echos.

All Americans should be involved in the effort to reduce the deficit. This is the message sent on Monday by Barack Obama from the White House Rose Garden. The U.S. president, who presented his program of deficit reduction, confirmed a tax plan of 1500 billion to the deficit of 3000 billion over the next ten years. "We can not get out of this abyss only by reducing spending. It is normal that we ask everyone to pay their fair share, "said the president.

In Focus: the wealthiest Americans. Barack Obama chose not to extend beyond the end of 2012, the expiration date, the tax breaks granted to wealthier by the administration of his predecessor, Republican George W. Bush. "We can not afford these tax rates low for the rich.We can not help us while we are suffering large deficits, "he says.

The most significant proposal remains the introduction of a tax, "Buffett," the name of the investor Warren Buffett who has proposed. As expected, Bush did not go into details about the conditions of its applications but according to the New York Times, the tax on millionaires that will concern only 0.3% of taxpayers.

"This is not the class struggle is mathematical"

According to Barack Obama, "it is not the class struggle, it is mathematical," he joked, responding to criticism from his Republican opponents who accuse him of wanting to punish those who have succeeded and discourage "create jobs". "Any reform plan will increase revenues to help reduce our deficit.This must be part of the formula, "argued the U.S. president, noting that" middle-class taxpayers should not pay more taxes than millionaires and billionaires. It is loud and clear, and difficult to contradict. "

The project also includes U.S. President down $ 580 billion (425 billion) in mandatory spending on social programs, including Medicare (health insurance for the elderly) and Medicaid (the federal program for the poor). It is also banking on an economy of one trillion dollars (733 billion) over ten years due to the withdrawal from Afghanistan and Iraq.

But the camp of the Republicans who control the House of Representatives has already ruled out raising taxes to reduce debt abysmal in the country.The proposals of the White House must still be forwarded to a bipartisan parliamentary committee, which means that this bill is unlikely to be adopted in the state.

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While Europeans are struggling to develop a common strategy of leaving the euro crisis, several major powers, anxious, just lend a hand to the old continent. The U.S. treasury secretary, Timothy Geithner, will participate Friday and Saturday at a meeting of finance ministers of euro zone countries to be held in Poland. This is the first time a foreign official is invited to a meeting of the Eurogroup.

Officially, "the presence of a representative of the American administration will be part of the transatlantic dialogue on the current macroeconomic and financial issues," said the Polish Presidency in a statement. But in fact, Americans doubt the ability of Europeans to find a solution and Timothy Geithner should urge his counterparts to intensify efforts to resolve the crisis of the euro, says Bloomberg.One analyst told the agency "the Americans were anxious quietly and discreetly present, they become intensely anxious and present."

In the wake of rumors about a possible support from China to Italy, Chinese Premier Wen Jiabao told him at the opening of Summer Davos Forum, held for three days in Tianjin, China that his country "will continue to increase its investments in Europe Internet Payday loans." The prime minister said he was confident "China believes that the European economy can rebound." But Wen Jiabao said, "I hope that EU leaders consider their relationship with courage to China a strategic point of view." China wants to be granted market economy status from the European Union, which considers that the conditions are not yet in place.

China is not the only emerging economy to say ready to support the European Union.In fact, the five major emerging economies, BRIC (Brazil, Russia, India, China, South Africa), will discuss next week the opportunity to help the Union européenne.Ils could include increasing their holdings of bonds denominated in euros.

And Europe itself is mobilized. Greek Prime Minister George Papandreou, French President Nicolas Sarkozy and German Chancellor Angela Merkel should discuss the situation of the country on a conference call scheduled for late afternoon.

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Eurobonds are too expensive. It is seeking to demonstrate that the calculations of the German Ministry of Finance, taken by the weekly Der Spiegel on Sunday. This mechanism, which is to pool the debts of 17 countries in the euro area, regardless of their health, the first year would cost 2.5 billion euros of interest in addition to the budget of the German finance minister. This cost would be twice as high the second year to a total of 20 to 25 billion at the end of ten years.

On this basis, German Chancellor Angela Merkel has once again firmly rejected the introduction of this system, although many market professionals believe that this is the solution to the crisis of European sovereign debt. "The Eurobonds are quite the wrong response to the crisis of the moment.They would lead us to a union of debt and not a union of stability, "she says in an interview with ZDF.

His comments echo those made by the Minister of Economy Philip Rösler the newspaper Bild am Sonntag: "The Euro-bonds are a bad signal sent to national economies failed. Cover the risks of other countries with Eurobonds would immediately drive up interest rates in Germany. This would have dramatic effects on growth in our country, "said he.

Strengthening governance

Despite all these outputs, the German government did not draw a line under this system. The finance minister, Wolfgang Schäuble, has again said that the countries of the euro area could issue Eurobonds if échafaudent prior fiscal policy and fiscal policy.But this move towards integration is not fast enough, he said. "Most Member States are not quite ready to accept the necessary limitations on national sovereignty. But believe me, it's a problem we can solve, "said the Minister in an interview with Welt am Sonntag.

Wishing to lead by example, Wolfgang Schäuble has said for his part personally prepared to transfer sovereignty to Brussels. "As a person, I would be ready. The idea of ​​a European finance minister I have no problem.But as finance minister I say that it is our duty to solve problems here and now, and that as soon as possible based on existing contracts. "

Wolfgang Schäuble will meet his French counterpart Francois Baroin Tuesday to discuss the harmonization of corporate tax and the introduction of a tax on financial transactions. France is the country with Germany most strongly opposed to the Eurobonds.

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Duly noted. The world of PC has failed to develop at the same time dedicated to business activities and those aimed at individuals. Léo Apotheker has decided to separate from its computers, tablets and smartphones, "knocked out Apple "in the words of one U.S. analyst.

The stock has also lost more than 20% at the opening of Wall Street on Friday.A heavy penalty for a major strategic shift and two ads that markets generally enjoy little HP is preparing to spend 10 billion dollars for the purchase of Autonomy, the UK's leading software, and provided that the split of its business PC would cost one billion dollars in restructuring costs.

Just like what IBM has done six years ago, HP has chosen to focus on the activities dedicated to businesses (services, servers, data storage, network), while maintaining the imaging and printing. This focus on the professional world seems "logical" in light of the past of its CEO. Léo Apotheker has spent over twenty years with the German software company SAP, which he directed for eight years. These are businesses that generate margins sharply higher than in hardware sales.In 2010, business services have made 57 billion dollars in sales with in the key, 8.7 billion of operating income. Opposite, the PC division, tablet and phone posted a turnover of 40 billion turnover, but only 2 billion loss payday loan lenders.

By refocusing on activities "business," Leo Apotheker also takes the bet that he will develop the activities of data storage and servers. HP boss set including data analysis and cloud computing (computer services remotely) to raise. Competitors will be renamed the IBM, Oracle, Cisco and not Apple.

Consecration of the failure

The future of the PC division, mobile and tablet (PSG) remains uncertain. All scenarios are possible.A split, with a possible initial public offering that would make an independent business, but competition to apply. Redemption, we know the ambitions of China's Lenovo, which has already bought the PC division of IBM and wants to become world number one. Finally, pure and simple abandonment is also not excluded. This scenario is the worst, while HP has spent $ 25 billion a decade ago to buy Compaq and 1.8 billion last year for Palm. The group also invested in the revitalization of its software WebOS, and in the manufacture of tablets and smartphones with touchpad that just marketing. "In this area, not a sprint, it's a marathon," said Leo Apotheker, in an interview with Le Figaro, in late June. It seems that the runner will be out of breath from the first kilometer.

After the storm that plunged all the stock exchanges, the European stock exchanges succeed they stay in the green on Thursday? In Paris, after opening up 2.96% to 3092.16 points, the CAC 40 went back down just before noon and sank below the threshold of 3000 points, already briefly reached Tuesday. At midday, it loses 0.69% to 2983.16 points. In Frankfurt, the Dax is in the green at 5688.28 points, up 1.33%. In London, the FTSE 100 edged up 0.17% to 5015.86 points.

The concerns are far from being dissipated, particularly those relating to the slowdown in the global economy and the issue of sovereign debt on both sides of the Atlantic.The overwhelming investor nervousness could therefore persist while no major indicator is the program on Thursday.

Wednesday, the markets were shaken by rumors of a deterioration in the rating of France, immediately denied by the rating agencies and the French government, and concerns about the health of the bank Societe Generale. And the CAC 40 plunged 5.45%, narrowly escaping the psychological threshold of 3000 points to 3002.99 points. Other European markets have suffered the same drop Frankfurt dropped 5.13%, 3.05% London. Madrid and Milan 5.49% 6.65%. In New York, the Dow fell 4.62% and 4.09% for the Nasdaq. However, on Thursday, appeasement was back on the Asian stock markets that are returned to the green or showed moderate declines.

Societe Generale attacked again

Gold continues, meanwhile, fly from record to record.The precious metal has crossed the threshold of 1800 dollars. It is this Thursday morning in 1790 dollars, after hitting a new record of 1815.50 dollars. However, oil resumed its decline in Asia. Yet he had resisted the panic the day before with the announcement of a dramatic and unexpected decline in crude inventories in the United States. In morning trading, a barrel of "light sweet crude" lost 79 cents to 82.10 dollars and that of Brent North Sea fell by 1.10 dollars to 105.58 dollars.

Among the values ​​to be followed, the bank that have been heavily tested yesterday. The Financial Markets Authority (AMF), the stock market regulator, announced that it will monitor developments in the securities sector.Shortly before noon, BNP Paribas (-5.88% to 33.515 euros), and Credit Agricole (-1.51% to 5.981 euros) and plunged into the red after yet open on a rebound.

The title is particularly battered Societe Generale: having lost 14 instant payday loans.74% Wednesday, it opened on a rebound of almost 9%. But again plunges 4.13% to 21.265 euros."The willingness of these attacks is to force the SG to a capital increase, which is the workhorse of some analysts and hedge funds in recent months," said an analyst based in Paris at the agency Reuters. "Their reasoning is that the group does not generate enough capital to cope with the capital ratio of over 9% in 2013." The bank, already shaken in 2008 by the Kerviel affair, only to find the investor confidence after several warnings about its results during the financial crisis.

For its part, the CEO of the bank, Frédéric Oudéa, denounced, in an interview with Le Figaro, "the series of attacks" against the French banking sector "sounds completely fantastic, I struggle with the utmost force, attacked Societe Generale, "he lamented. "We have no fear about our ability to raise capital," he added.SocGen has asked the AMF to investigate the origin of the rumors that have depressed its course Wednesday.

Veolia Environnement (4.61% to 10.55 euros) and STMicroelectronics (3.39% to 4.488 euros), especially titles attacked in recent days, return to the field.

In addition, EADS (1.66% to 20.24 euros), the parent company of Airbus, said Wednesday it will not achieve its objectives in the United States in 2020 without new acquisitions.

Title Alcatel-Lucent (2.11% to 2.324 euros) is expected to rise following the release of quarterly results from Cisco Systems, above the consensus of Wall Street.

L'Oreal (2.29% to 1.73 euros) should benefit from the decision by Goldman Sachs, which added its list of preferred European stocks to buy ("pan-Europe conviction buy list").

Saint-Gobain (1.11% to 31.775 euros) has announced the acquisition of Solar Gard, a subsidiary of Belgian group dedicated to Bekaert Specialty Films, as part of its strategy to accelerate its growth through acquisitions.

Maurel & Prom rose 4.22% to 12.35 euros after opening up over 8%. The oil company reported a surge of 123% of its revenue thanks to increased revenues in Gabon and Nigeria.

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After Bouygues Telecom and SFR, it is the turn of France Telecom to engage in the battle of the low-cost mobile phone with a new brand, Sosh. The announcement, made in conjunction with the presentation of interim results of the group, aims to address "the intensity of competition" and prepare "the arrival of the mobile Free," according to the admission of the CEO France Telecom, Stéphane Richard.

Sosh will mark "all digital", only sold on the Internet. If have to wait until September for details and more particularly the rates, Stéphane Richard said it would be a "soft offer, without commitment," which will decline "two kinds of attractive packages in price ", available with and without mobile terminal.Sosh, whose name is "a nod to the term" social network ", wants to build on social networks and user communities, said Stéphane Richard. It offers a low-cost but not low value. "

With this brand, France Telecom follows the lead of its competitors. SFR was the first to lead the way in June 2010 with its "economic advantage". The operator proposed a package on average 10 to 20% cheaper if the customer subscribing or purchasing retaining also his mobile. A year later, at the launch packages "Square", SFR explained that 15% of subscriptions were dry, that is to say without a telephone.

In early July, Bouygues Telecom has taken a step forward in the world of low-cost brand by launching the first low cost of a large operator.The two packages of "B & You" (our editions of July 5) are attractive, for example, 24.9 euros per month for calls, SMS, MMS and unlimited Wi-Fi 24/24, but that a terminal it is associated.

Reduce subsidies

The recent popularity of telecommunications operators for low-cost offers several origins and first of all the expected arrival of Free, renowned for its ability to break the established codes. Whereas in 2012, its competitors are afraid to see him land in October 2011, with rates very low, just like what he has done over the Internet, with the first offers to 29.99 euros. There is also growing competition from virtual operators (MVNO).Finally, the increase in the price of the terminals has also forced the operators to review their business model.

Until now, to lure new customers or retain old, operators put forward the phones heavily subsidized. But the development of smartphones has changed the situation, with the arrival on the market for phones with more than 600 euros 149 euros … sold by subscription.

If operators and manufacturers refuse to disclose the sale price of "professional" and therefore the exact amount of the grant, it is the secret that the cost of acquiring new customers is a clear tendency to increase.The development offers low-cost in telephony, which are essentially free subscription offers mobile, could however not be sufficient to reverse the trend.

Consumers, especially the French are, by the admission of Stéphane Richard, very attached to offers of renewal.

No democratic government would dare to address and to his people. "If they have no bread, let them eat cake" Marie Antoinette would have said in the fall 1789. Similarly in the third century, the Chinese emperor Huida Jin replied to his subjects desperate to get rice, "Why do not they eat meat?" Such arrogance is more appropriate. But strangely, the board would surely relevant today. In our industrialized societies and hypertechniques, buns, indeed, increasing more slowly. They are sometimes even cheaper than home-made bread. It's the world upside down: the more a product is essential and its prices are soaring.And conversely, anything that is sophisticated, even a questionable value, such as electronic gadgets, continues to be cheaper.

The remark of Marie Antoinette, perhaps apocryphal – Jean-Jacques Rousseau, who died eleven years earlier, told the same thing to a "princess" in his Confessions – anticipates fully functioning modern economy. Core resources become scarcer and more expensive, but we regorgeons of superfluous goods.

Americans talk about "biflation"

This paradox is one of the structural features of globalization, as we said Xavier Timbeau, director of the OFCE (French Observatory of Economic Conditions). On the one hand, rare goods, whether oil, farmland, building land or water, whose supply is naturally limited.On the other, the industrial production capacity almost endless with the arrival of new players and technology advancement. The Treasury has calculated that the Bercy "the global labor supply has more than doubled between 1980 and 2006" on the market of international trade. And that's not going to stop. The UN considers that 'the world's population of working age will increase by 40% by 2050. " Even the experts the less catastrophic, as the International Energy Agency, never imagine that oil production is growing at this rate. It instead addresses his reflux.

This disparity between two types of products has already resulted in a dramatic upheaval in relative prices. In France, "the purchase price of vehicles" increased from just under 10% since 1998, according to Insee, while "fuel and lubricants' jumped 78%.These figures do make sense only when compared to the higher minimum wage that was 46.8% over the same period. "The acquisition of a car is less expensive, but it is more expensive to roll," says Xavier Timbeau. INSEE also considers that the cost of using a car weighs 2.4 times more than its purchase in the budget of a French household.

Across the Atlantic, the Americans, always eager to create new concepts, coined a neologism to express this reality in two speeds. They speak of "biflation", meaning the coexistence of inflation and deflation. "Inflation is What We Need, deflation is What We Want" on one side, sharp increases for all products required, which can not be happen in real life and on the other hand, price declines for purchases may be delayed.Housing and automobiles belong to this second category, because U.S. households, overburdened, are reluctant to use credit, which tends to depress their markets.

The "bi" is characteristic of periods of transition

The very term "biflation" was created in 2003 by Osborne Brown, a financial analyst from Phoenix Investment Group, at a time when there was already wondering if the U.S. economy did not run the risk of depression. The debate has rebounded in recent months with the monetary policy of the Fed chairman, Ben Bernanke. The head of the U.S. central bank says there is no inflation in the U.S., since the increase in consumer prices is just 1.1% over one year if one ignores food and energy.

But the price of gas soaring, now exceeding $ 4 a gallon (3.78 liters) in California, when they fell to $ 1.67 in December 2008, the worst of the crisis Financial. Heavily enough to amputate the purchasing power of households. Bernanke is also accused by the Republicans to fuel speculation on commodities, through its policy of cheap money too. Which penalizes savers, particularly pensioners, whose income depends largely on the level of interest rates …

France is also struck by the syndrome of "biflation", although unlike the U.S. housing market would rank rather camp in the inflationary exuberance for reasons of physical inadequacy of housing specific Hexagon . There is no doubt that the term "biflation" is spreading among us.In the press, swears by the "bimédia" to describe the juxtaposition of newspapers printed (print) and information sites on the Internet (Web). The "bi" is characteristic of periods of transition. Oh so painful periods, as at dawn and dusk, when no one knows distinguish between dog and wolf.

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