China Real Estate

Beginning August, a financial crisis is born to the United States in the sector of the mortgage loans. It immediately propagated itself to other parts of the world financial system, with a speed and a size that surprised the collectivity of the investors and operators (them " walked"), as well as the observers. The central banks intervened very quickly, in particular by the supply of credit to very low rate to the intention of the banks in difficulty (what one names the creation of liquidities). Since beginning September, phases of lull alternated with the announcement of new difficulties of financial societies or banks.

To understand the whole range of the process engaged in the month of August, it is necessary to refer to a work writes by Michel Aglietta and Laurent Berrebi (economist in chief of the society Groupama Asset Management), Messes in the world capitalism. The years 2003-2007 were of years " miraculous" to the effects antidepressants, to the course of which, in France, of the side of the union for a popular movement (UMP) as the socialist Party (PS), the political staff and the big medias praised the American example. It was some in the same way in most countries. In their work, long and very documented, the authors explain the perverse dynamics of this high conjuncture and announce the unavoidable end of it.

The interest of the book results from their methodological choice. to give itself an unique analytic setting, cleanly world. as much that to the mass of facts and united analyses. In the introduction, they define globalization as " a system of multilateral interdependences where the emergent powers (that means China and, to a least degree, India) exercise a determining influence on savings.