It is economists, such as singers. Those so-called “popular” with disdain, assumed in the circles of elitists are the ones who are the most familiar and most sympathetic in the eyes of the general public. Marc Touati of these economists. It will never be the Nobel prize of economics, forgiveness, the price of the Bank of Sweden in economic sciences in memory of Alfred Nobel, but he has the talent to explain to the public in a simple way and with words of all the days of the economic mechanisms complicated.

Talent that he uses to the full in his last book, dedicated to “bubbles”, these phenomena of runaway, which occur regularly in the financial markets and end most of the time in disasters, including the man in the street. Marc Touati begins by remaking the history of the big bubbles (the famous bubble of tulips in the Seventeenth century, the stock market crash of 1929, dizziness japanese of the 1980s, the asian crisis of 1997, and then the Internet bubble and finally the subprime mortgage), which allows us to understand the mechanisms that make believe every time that this crisis is the last, then it is the same cocktail of easy money, technological innovation, and greed is at work.

The economist “seen on tv” also provides insight into how, since the mid-1980s, each bubble is only the product of economic policy decisions to limit the damage caused by the bubble earlier.

All financial markets are affected

Logically, the founder of the firm ACDEFI, the question arises : now what ? He notes that today, for the first time in history, the world is not facing a single big bubble, but in several bubbles simultaneously, of the shares to bonds, from real estate and cryptomonnaies. Even if he did not escape this through the forecasters to recall how they were right in the past, Marc Touati has the wisdom not venture to predict when will the next catastrophe, by nature, unpredictable.

a Victim of its loquacity, the author goes out of control also a little by addressing topics that are not directly related to the economy of bubbles, but who are his pet projects : the Brexit and its absurdities, the euro zone, its currency is too strong and its dysfunctions. But on this subject, it is clear that he has often been right before a lot of other…

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A world of bubbles, by Marc Touati. Bookelis, 200 p., 17 €.



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