Last quarter, we experienced a comeback magicians. Nothing in the economy, not predisposed to an increase in share of developed countries. If, however, the risk was well paid, the credit goes to central bankers who are able to register their work with a clearer definition-and-evolving objectives of their mandate. The ECB aims to repair the channels through which monetary policy is diffused by setting a goal, unspoken, lower refinancing costs of peripheral states. The Fed, which has a skewed vision of inflationary and deflationary risks, is now focusing on a target job. The Bank of Japan, which also intervened recently, is concerned about the strong yen. As for the Bank of China, its mandate, which derives from the political authorities, aims to ensure the good liquidity of the banking system, competition from players who siphon deposits (shadow finance). In total, the mandate of each other become more performance requirements, while the methods used are over money creation. Inflationary risks? Suddenly, many investors are questioning the merits of such interventions. It evokes an inflationary risk, but the credit multiplier is now seized, so little money creation fueling the economy. We speak rightly, fake money, but if they are just shortcuts to achieve the same result, it is of no consequence: when the Fed buys bonds, it artificially lowers the rate but if it does nothing, it leaves spread a form of deflationary depression that leads to the same result, more socially costly. Moreover, how a central bank can it ensure the proper transmission of monetary policy when interest rates are zero, if it is acting on the quantity of money? Deleveraging and investment are not good ménageLes real arguments against such policies are neutral and positive for the economy in the short term, for the shares. It may be objected that the monetary reflation not buy prosperity, but the decline in rates that discourage savings and encourage them to move forward in time, the expense. But when economic agents are deleveraging, the propensity to invest is low. Just, liquidity injections they avoid the savings rate to inflate too fast. Moreover, previous episodes of quantitative easing failed to restore a growth rate sufficient to fill the output gap (output gap). However, deterring rent, creating an addiction to cheap money, you risk a misallocation of capital that is paid by long-term growth lower. But in the short term, as you can be sure that the cash will lose value (negative real interest rate), liquidity is arrow to commodities and stocks since bonds are already well paid. Nothing in the action of the central banks can bypass the necessary deleveraging economic agents or to a country with no monetary sovereignty competitive. Therefore, they only treat the symptoms, not the problems. In any way they provide to make the efforts necessary to purge the excesses committed. They hardly change the trajectory of growth. But they reduce extreme risks and promote financial stability. They encourage asset owners and producers of raw materials to the detriment of consumers. They redistribution in reverse, a necessary evil, since without them the situation would be worse: it is better to pay the more expensive fuel rather than lose his job. States impécunieuxNous share all intuitively sense of market manipulation, a monetary illusion that reduces the sense of urgency. But faced with widespread deleveraging, the risk of deflation depression justified by exceptional deviations from the academic orthodoxy. The developed states are impecunious, therefore monetary stimulus is the only way to try, in the short term to prevent relapse of the global economy into recession. The reduction of extreme risks and the a priori unlimited monetary interventions require investors to find alternatives to risk-free investments. In the very short term, the market must digest the increase recorded this summer. In addition, liquidity will find destinations on asset classes such as stocks late. . . sudden reappearance except risk: war in the Middle East, muscular skirmishes China Sea, further polarizing the debate in the United States tax revolts in Europe and developed to achieve the integrity of the euro area. In the latter case, beyond the emotion created in the short term, we would present a tremendous opportunity to purchase. You can read more on this topic here http://fashionaddictshop.co.uk