"La fin de l'abondance"

«Le moment que nous vivons peut sembler être structuré par une série de crises graves», a commencé par expliquer Emmanuel Macron. Selon lui, «ce que nous sommes en train de vivre est plutôt de l'ordre d'une grande bascule ou d'un grand bouleversement». Avant d'analyser que «nous vivons depuis plusieurs années la fin de ce qui pouvait apparaître comme une abondance» de «liquidités sans coût», «de produits», «de technologies qui nous semblaient perpétuellement disponibles», de «terre ou de matière» ou même d'«eau».

On return to cabinet after the summer break President Macron of France said, “The moment we are living in may seem to be structured by a series of serious crises”, thus began the explanation by Emmanuel Macron. According to him, “what we are going through is more like a big shift or a big upheaval”. Before analyzing that, "we have been experiencing for several years the end of what may be called abundance" of "liquidity without cost", "of products", "of technologies which seemed to us perpetually available", of "earth or" or even "water".

One part analysis, one part political positioning, President Macron's address to the Council of Ministers - the French cabinet - interprets the context and sets the tone of his thought on current events. Rocked by the effect of climate change, the Russian invasion of the Ukraine, and the unspoken consequence of global economic monetary policy, like many countries France is facing not a series but a concurrency of crises.

I was going to write that governments do not talk of, "quantitative easing" now but President Macron did allude to it in his speech when he mentioned, "cash without consequence." As any fule kno1, in economics there's always a consequence, though oft unpredicted by the weak science of contemporary economic theory.

 

1. A reference to the series of satirical "Down with Skool!" books written by Geoffrey Williams and illustrated by Ronald Searle. The phrase, "as any fule kno.." is a cacography, a deliberate comic misspelling, and another way of saying, "as any schoolboy could tell you..." https://www.bbc.co.uk/sounds/play/b074x71x