The Covid epidemic has caused a paradigm shift in economic policy.
Following on from the 2008 crash, protectionism replaced free trade.
State interventions take precedence over shareholder capitalism.
The priority goes to reindustrialisation and no longer to finance.
The unlimited increase in deficits and debts to support growth and employment replaces the fight against inflation.
After the historic recession of 2020, the recovery is very strong, even if it remains heterogeneous.
It is in fact accompanied by a spectacular return of inflation.
It reaches 5.3% per year in the United States, 3% in Europe, 4% in Germany and 2.2% in France.
Central banks in northern countries rely on three arguments to assert that inflation is temporary and doomed to disappear quickly.
The circumstances of the exit from the Covid epidemic are unique and transitory, associating a household consumption frenzy boosted by
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