Retirements, euro, bubble and crisis In France, pension liabilities are not accounted by companies or by the state. These debts amounted overall to €4,500 billion or 3 times the GDP at the end of 2004! The unearned money circulates in France and in other...

Calm and Storm Americans work: unemployment rate is low at 4.7%. They make money, spend and save. Everything is fine. Their real wages do not increase, allowing contain core inflation below 2% but requires them to restrict their consumption. The demand...