The fear of the crash

YESTERDAY, the presidency of the European Union said itself worried in front of economic slowing down in the United States and in its potential impact on Europe, where stock exchanges strongly fell(flopped) during the day, the CAC 40(PARIS STOCK INDEX) losing about 6 %. All the European stock exchanges dived on Monday, the investors showing itself disappointed by the plan(shot) of relaunching(reflation) proposed on Friday by the American president and being afraid of the worst for the economy of the United States. Nevertheless George Bush had not skimped on the measures by mobilizing 145 billions, that is 1 % of the wealth produced in the United States. If we decided, in France, to make the same thing(matter), it would amount to a plan(shot) of 20 billion euro relaunching(reflation). But with a very classic strategy of decline of the taxes from which Bush waits for the theoretical creation of 500.000 jobs(uses), and a restart of the machine.
Because the American economy beats of the wing, and the anxieties rose of several degrees, these last weeks. So, the stakes in construction site of new housing collapsed of 50 % in six months. But this plan(shot) apparently disappointed, lived as a classic plan(shot) of relaunching(reflation) by the consumption more than as a solution of what appears as the main part, the financial risk the effect of domino of which risks to propagate a black scenario of recession. Because this crisis is similar to a "classic" phase of expansion of the credit beyond reasonable, comparable to the excesses of real-estate loans at the end of 1980s. Because the excessive debt, it is to the American dream. The face hidden from the optimism and from the risk-taking, which are the powerful engines of the state economy. The most deprived Americans are millions to frequent "Pay Day Loans", these workshops which - against a postdated check - advance(move) of the cash without asking of question.
The measures of the type of those of Bush or, in the same style, those of Sarkozy - reduce them of taxes - indeed have, to them only little efficiency on the situation because, globally, those who benefit from it do not increase strongly their consumption. Furthermore they empty the boxes(cash desks) of the State, preventing, as recognized him(it) Nicolas Sarkozy, to make concern the efforts the purchasing power, even the sectors which create jobs(uses), as the accommodation(housing), or the construction of modern infrastructures.