The third in Pittsburgh that commitment

This was the Summit of Uncle David. Rather than to sweat for forty-five hours their unfortunate sherpas, the leaders of 20 global powers have better to entrust the pen in the shooting of the french reggae star, which commit in 1995 a tube-like strangely to the final published Sunday G20 communiqué: "each route / each its road/pass the message to your voisin.". The first Summit of the g-20, in Washington, was the impetus. The second, in London, that of the will. The third, in Pittsburgh, that commitment. The fourth, just completed in Toronto, that of smoking cessation. At least the cessation to advance together, which was the initial project. "These measures will be different for each country", "We recognize that there are several approaches..."

Certainly, consensus is formed on the necessary measures to strengthen the banks - and this is important. But nothing really advance on exchange rates, taxation of banks or the support growth. The media had come to focus their attention on this last point (before making the beautiful part to some images of riot who spend much more on television). It is true that the differences are striking. Simply put, China is growing three to four times faster than America, which will itself three times faster than Europe. Nothing to do with the context of the first Summit, where everyone retreated together.

The first explanation for this discrepancy is simple: each found its medium-term trend. Too simple indeed. Because the means implemented to counter the crisis have been very different from one country to another. It is the second explanation. In China, credit has cavalé more than 30 year to finance everything and anything. In the United States, the Central Bank has acted more vigorously than his colleague in the euro area, reducing interest rates to 0, and buying for more than 1,000 billion of distressed assets. And the Government has been sharply increase the budget deficit. In the mid-2000s, in the rally between the collapse of the dot-com bubble and the "sub-prime", the US public deficit was 1 higher than that of the euro area (3.3 of GDP compared with 2.3 on average from 2004 to 2006). Since 2008, it exceeds by more than 4 (9.4 vs. 5, OECD figures).

Apparently, China and the United States are the only two countries to really worry about growth. Weather in the storm, they are all that is necessary to get the ship going as quickly as possible. The Chinese dictatorship is because it is the only way to preserve its grip on the people, the American democracy because its population increases half faster than on the old Continent (it would be probably better now call the "ageing Continent"). Europe, bogged down in its divisions and deeper aspires to growth due to breath demographics, like the Japan since the 1990s.

There is obviously some truth in the explanation of population, although it may seem shocking - and distressing to a more dynamic France in this area than its neighbours. But there is a third reason. China has the means of its policy. Its coffers are full. His budget will be in surplus this year, after a deficit of below 1 of GDP last year. Its foreign exchange reserves exceeded late March the 2,400 billion and continue to mount.

The United States, they do not have the means of their policy... but their dollar remains the currency of the planet. More finance appears uncertain, more bloodthirsty security investors around the world want to buy US Treasury bonds. As they have not yet seen that the King was naked, the King can thus continue to exercise his lordship. Europe does not have this chance. Investors are unfortunately very good reasons to be wary. This is the major reason for which discipline becomes an obsession on this side of the Atlantic, while she goes to a fad on the other side. The world is decidedly unfair.