Les dépêches mercredi 6 mars

La politique économique de Trump est contreproductive sous l’angle du déficit commercial: celui ci est au plus haut de 10 ans!
Trump mène une politique de Gribouille, il se jette à l’eau pour ne pas être mouillé!
Le déficit se creuse parce que le réglage économique  interne est mauvais; le système américain n’épargne pas du tout ou pas assez.
C’est l’insuffisance d’épargne c’est à dire l’excès de consommation qui provoque les déficits .
Si il y a bien un pays dont on peut dire qu’il vit au dessus de ses moyesn, ce sont les USA; ceci a été démontré par des articles remarquables de l’économiste Stephen Roach.

Despite the US government’s recent upward revision to personal saving data, the overall national saving rate, which drives the current account, remains woefully deficient. And the major surplus countries – Germany, China, and Japan – have been only too happy to go along for the ride.

 

NEW HAVEN – In an increasingly interconnected global economy, cross-border trade and financial-capital linkages have come to matter more than ever. The current-account balance, the difference between a country’s investment and saving position, is key to understanding these linkages. The dispersion of current-account positions tells us much about the state of global imbalances, which are often a precursor of crises.

The same is true of trade tensions, such as those now evident around the world. Current-account disparities often pit one country against another.

Economies running current-account deficits tend to suffer from a deficiency of domestic saving. Lacking in saving and wanting to invest, consume, and grow, they have no choice but to borrow surplus saving from others, which gives rise to current-account and trade deficits with the rest of the world. The opposite is the case for countries with current-account surpluses. They are afflicted by subpar consumption, excess saving, and chronic trade surpluses.

https://www.cnbc.com/2018/03/25/us-china-trade-deficit-to-rise-stephen-roach-at-china-development-forum.html

[Reuters] Stocks subdued due to lack of fresh catalysts

[Reuters] U.S. trade deficit jumps to 10-year high in 2018

[AP] US budget deficit up 77 percent so far this budget year

[AP] Survey: US businesses added a solid 183,000 jobs last month

[AP] Why a meaningful US-China trade deal could be hard to reach

[CNBC] Weekly mortgage applications fall, but hint at who is buying homes today

[Bloomberg] Trump Pushes for China Deal in Hope of Fueling Market Rally, Sources Say

[Bloomberg] China Won’t Make Big Concessions on Trade Deal, Ex-Minister Says

[Reuters] Australian economy nearly stalls in fourth quarter, local dollar skids

[Reuters] Reflationary BOJ board member calls for more stimulus if economy sinks

[Reuters] Italy plans to join China’s Belt and Road Initiative: FT

[WSJ] U.S. Posts Record Annual Trade Deficit

[WSJ] Wall Street to Tamp Down on Default Insurance Bets

[WSJ] Fed Official Monitoring Corporate Debt Levels for Potential Trouble

[FT] Will the Fed be there if markets cry out for another quick fix?

[FT] China’s property developers binge on record dollar debt

[FT] Markets fret over currencies going bump in the night

[FT] Venezuela’s long and winding road to debt restructuring

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