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Trump's victory is set against a backdrop of very strong economic growth, but it is also the result of the middle and lower income classes' protests against inflation (and war?). The market is celebrating the prospect of deregulation, lower taxes, accommodative monetary policies and a stronger economy but is probably ignoring the damage that out-of-control debt and a trade war can do to inflation, the economy and interest rates. In the short term, we may see the positive momentum continuing but beware because “assumption is the mother of all f-ups” …

In the first part of our article, we presented various definitions of debt, public and private, analysing their consequences and possible cures. Most of the conclusions, however, do not apply to the United States which has been able to increase its debt out of proportion, until now, ever paying the consequences. They have ridden the "trust bus" for free never paying for a ticket: the ride may be over.

Trump and Harris disagree on many things except one: the US public deficit, which has exploded in recent years, cannot be touched. Many other Western countries, Japan first and foremost, find themselves with this enormous ballast from which, once a certain level is exceeded, it is difficult to get out and this becomes a dangerous vicious circle. There are however other countries that have too little debt (relative to others) with not always positive consequences. Let us try to analyse the issue by shedding some light on whether and how we can get out of it and what the implications are for the long term

Direct-to-Cell is revolutionizing telecommunications by enabling direct connections between satellites and traditional mobile devices.In the document, you will find insights on:

• The challenges and opportunities of this innovation.
• The key players in the sector, such as AST SpaceMobile, Starlink, Iridium, Apple, and Lynk Global.
• The impact on the global market and the evolution of connectivity

The current economic framework is consistent with an economic slowdown worse than a soft landing. We note, however, that there are currently no reasons to expect a full recession, and the marked change of pace in global monetary policies already projects us toward the next recovery. It could have been worse!

In recent weeks there has been much talk about monkeypox; let us try to put its development, incidence and the defences available to us into context.

We remain convinced that the global economic cycle, especially the US one, is running out of steam. Consumption has already bottomed out, the savings rate is at its lowest level since 2007, debt leverage (private and corporate) is at its limit, wage growth has ended, the housing market is stable but stagnant, the labour market has already seen its top, the strong dollar certainly does not help, fiscal policy is already severely stretched and at some point either it will be controlled or inflation, hence rates, will compensate to the contrary.