{"id":22334,"date":"2023-05-29T13:53:02","date_gmt":"2023-05-29T11:53:02","guid":{"rendered":"http:\/\/rutube.fr\/?p=22334"},"modified":"2023-05-29T13:53:02","modified_gmt":"2023-05-29T11:53:02","slug":"economie-la-loi-de-gresham-appliquee-aux-marches-financiers","status":"publish","type":"post","link":"https:\/\/webtube.fr\/index.php\/2023\/05\/29\/economie-la-loi-de-gresham-appliquee-aux-marches-financiers\/","title":{"rendered":"Economie : La Loi de Gresham appliqu\u00e9e aux march\u00e9s financiers."},"content":{"rendered":"\n<figure><iframe loading=\"lazy\" width=\"800\" height=\"200\" src=\"http:\/\/rutubes.free.fr\/RutubeEmule-island.html\" frameborder=\"N\" scrolling=\"no\"><\/iframe><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Articles \u00a0\u00a0\u00a0 : <a href=\"http:\/\/rutube.fr\/2023\/05\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mai 202<\/a><a href=\"http:\/\/rutube.fr\/2023\/05\/\">3<\/a> &#8211; <a href=\"http:\/\/rutube.fr\/2023\/04\/\" target=\"_blank\" rel=\"noreferrer noopener\">Avr. 2023<\/a>\u00a0 &#8211; \u00a0<a href=\"http:\/\/rutube.fr\/2023\/03\/\" target=\"_blank\" rel=\"noreferrer noopener\">Mar. 2023<\/a> &#8211; <a href=\"http:\/\/rutube.fr\/2023\/02\/\" target=\"_blank\" rel=\"noreferrer noopener\">Fev. 2023<\/a> -Facebook\u00a0:\u00a0<a href=\"https:\/\/www.facebook.com\/profile.php?id=100069673161887\">https:\/\/www.facebook.com\/profile.php?id=100069673161887<\/a> Twitter : <a href=\"https:\/\/twitter.com\/OrtfNews\" target=\"_blank\" rel=\"noreferrer noopener\">https:\/\/twitter.com\/OrtfNews<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">(Par <a href=\"https:\/\/institutdeslibertes.org\/auteur\/charlesgave\/\">Charles Gave<\/a>)<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" src=\"https:\/\/thumbs.dreamstime.com\/z\/professeur-d-%C3%A9conomie-61503135.jpg\" alt=\"\"\/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>++ WEBTUBE <\/strong>: <em>Allez un petit effort, \u00e7a semble complexe au premier abord mais finalement tout est tr\u00e8s logique.<\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">La semaine derni\u00e8re, je me suis attach\u00e9 \u00e0 montrer que l\u2019horizon \u00e9conomique de la France \u00e9tait quelque peu opaque. Pour \u00eatre honn\u00eate, j\u2019ai dit que je n\u2019avais pas la moindre id\u00e9e de ce qui allait se passer et que nous \u00e9tions en train de rentrer dans une p\u00e9riode o\u00f9 il n\u2019y avait plus de sortie logique pour la crise dans laquelle nous \u00e9tions.<br \/>Notre dette est en train d\u2019arriver \u00e0 des niveaux auxquels il est absolument certain (entr\u00e9e dans la trappe \u00e0 dettes) que nous allions \u00eatre incapables non seulement de servir les int\u00e9r\u00eats sur la dette existante mais encore moins de rembourser le principal.<br \/>En termes clairs, je disais simplement qu\u2019il n\u2019existait plus d\u2019autre solution que de ruiner les porteurs de dettes fran\u00e7aises, c\u2019est-\u00e0-dire vous, le lecteur de l\u2019IDL, si par malheur vous avez encore des assurances vie.<br \/>Pour que la France puisse esp\u00e9rer s\u2019en tirer, il faudrait en effet que les taux d\u2019int\u00e9r\u00eats courts reviennent \u00e0 z\u00e9ro et ils sont \u00e0 3. 16 % .Ou alors, il faudrait que les taux longs sur les obligations \u00e0 10 ans du Tr\u00e9sor Fran\u00e7ais baissent fortement pour revenir \u00e0 1 %, et ces taux sont aux alentours de 3 % aussi.<br \/>H\u00e9las, la probabilit\u00e9 pour que l\u2019une ou l\u2019autre de ces deux solutions se produisent est proche de z\u00e9ro puisque, d\u2019apr\u00e8s mes calculs, \u00e0 3 % il ne faut pas acheter les obligations fran\u00e7aises, mais continuer \u00e0 les vendre.<br \/>C\u2019est ce que je vais montrer maintenant.<br \/>Commen\u00e7ons par une vision historique des taux nominaux.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/institutdeslibertes.org\/la-loi-de-gresham-appliquee-aux-marches-financiers\/image002-17-3\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/institutdeslibertes.org\/wp-content\/uploads\/2023\/05\/image002-17.png\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">De 1965 \u00e0 1985, les taux longs ont \u00e9t\u00e9&nbsp;<strong><u>sans arr\u00eat<\/u><\/strong>&nbsp;au-dessus de leur moyenne mobile \u00e0 7 ans, et sont pass\u00e9s de 6% (en 1965) \u00e0 17% (en 1981), le signal d\u2019achat \u00e9tant donn\u00e9 \u00e0 12.5 % en 1985. Nous avons donc eu&nbsp;<strong><u>vingt ans<\/u><\/strong>&nbsp;de hausse des taux.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">De 1985 \u00e0 2022, les taux restent sous leur moyenne mobile&nbsp;<strong><u>pendant 37 ans<\/u><\/strong>, et passent de 12. 5% \u00e0 0 %, voire n\u00e9gatifs (ce qui est la preuve que ces taux n\u2019\u00e9taient plus des prix de march\u00e9 ).<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Ce qui veut dire que les p\u00e9riodes de hausses et de baisses des taux sont extraordinairement longues. Nous venons de \u00ab&nbsp;casser \u00e0 la hausse&nbsp;\u00bb cette moyenne mobile, en Janvier 2022, et il serait tr\u00e8s inhabituel que les taux repartent \u00e0 la baisse, et ce d\u2019autant plus que ces p\u00e9riodes de baisse suivent presque toujours des moments o\u00f9 les taux ont \u00e9t\u00e9 tres \u00e9lev\u00e9s pendant longtemps, pour vraiment casser les anticipations inflationnistes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Comme je vais le montrer maintenant, nous en sommes tr\u00e8s, tr\u00e8s loin.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Commen\u00e7ons par comparer les taux nominaux avec le taux d\u2019inflation annuel et regardons le graphique du haut. L\u2019inflation est \u00e0 pr\u00e8s de 6% et les taux aux environ de 3 %, pour un rendement r\u00e9el de -2.77 %.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/institutdeslibertes.org\/la-loi-de-gresham-appliquee-aux-marches-financiers\/taux-nominaux-et-cpi-france-rendements-reels\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/institutdeslibertes.org\/wp-content\/uploads\/2023\/05\/taux-nominaux-et-cpi-france-rendements-reels.png\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Dans le graphique du bas, je calcule le rendement r\u00e9el sur les obligations depuis 1970. Les r\u00e8gles sont simples.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Le rendement r\u00e9el moyen depuis 53 ans a \u00e9t\u00e9 de 2 % par an, contre -2.77% aujourd\u2019hui.<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Au-dessus de 5% REEL vous vous bourrez d\u2019obligations les plus longues possibles.<\/li>\n\n\n\n<li>Quand le rendement tombe en dessous de 2 %, vous commencez \u00e0 vendre.<\/li>\n\n\n\n<li>Quand il passe en dessous de 1 %, vous dites \u00ab&nbsp;merci beaucoup&nbsp;\u00bb et vous vendez TOUT pour passer en cash ou sur un autre march\u00e9 obligataire dans le monde.<\/li>\n\n\n\n<li>Nous avons pass\u00e9 la barre des 1 % en 2016-2017, et malgr\u00e9 la forte hausse des taux que nous avons connus, nous avons encore des rendements r\u00e9els profond\u00e9ment n\u00e9gatifs (-2.77 %), ce qui est incroyable.<\/li>\n\n\n\n<li>Sur les taux d\u2019inflation actuels, il faudrait que les taux sur le 10 ans passent \u00e0 7. 8 % pour pouvoir redevenir simplement neutre, mais je sais qu\u2019\u00e0 7. 78 %,&nbsp;<strong><u>toutes les recettes fiscales iraient au service de la dette,<\/u><\/strong>&nbsp;et il ne resterait rien pour l\u2019arm\u00e9e, pour l\u2019\u00e9ducation, pour la justice, pour la police, pour les \u0153uvres de monsieur Macron \u00e0 l\u2019international\u2026<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">La situation est donc tout \u00e0 fait simple.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Si les taux reviennent \u00e0 un niveau neutre, l\u2019Etat Fran\u00e7ais est en faillite.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Et s\u2019ils restent l\u00e0 o\u00f9 ils sont aujourd\u2019hui, l\u2019inflation ne baissera pas, voire montera et nous serons incapables de servir les retraites, que l\u2019\u00e2ge de la retraite soit 62 ans, 64 ans ou 90 ans.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">H\u00e9las, c\u2019est l\u00e0 o\u00f9 les choses deviennent compliqu\u00e9es.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Un esprit l\u00e9ger doit \u00eatre en train de se dire&nbsp;: alors si je comprends bien, les obligations vont \u00eatre un d\u00e9sastre, et donc les actions ont du se casser la figure aussi&nbsp;?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Point du tout\u00a0! Les actions cartonnent par rapport aux obligations comme jamais, comme en fait foi mon dernier graphique.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/institutdeslibertes.org\/la-loi-de-gresham-appliquee-aux-marches-financiers\/image006-10-2\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/institutdeslibertes.org\/wp-content\/uploads\/2023\/05\/image006-10.png\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">Pendant que les obligations chutaient lourdement, les actions s\u2019envolaient, un peu \u00e0 la surprise g\u00e9n\u00e9rale. C\u2019est d\u2019autant plus \u00e9tonnant que la quasi-totalit\u00e9 des pr\u00e9c\u00e9dents plus hauts des actions contre les obligations (1987,1990, 2000,2007) se sont produits&nbsp;<strong><u>quand les obligations \u00e9taient sous \u00e9valu\u00e9es<\/u><\/strong>&nbsp;. Nous avions donc un march\u00e9 des actions sur\u00e9valu\u00e9 par rapport \u00e0 un march\u00e9 des obligations sous-\u00e9valu\u00e9, et il suffisait donc de vendre les premi\u00e8res pour acheter les secondes.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Cette fois ci nous sommes dans un scenario compl\u00e8tement in\u00e9dit.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les actions sont sur\u00e9valu\u00e9es par rapport \u00e0 des obligations qui sont-elles m\u00eames sur\u00e9valu\u00e9es.&nbsp;&nbsp; Dans toute ma carri\u00e8re, je n\u2019ai jamais rencontr\u00e9 ce cas de figure .<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Il n\u2019y a que deux possibilit\u00e9s<\/p>\n\n\n\n<ol class=\"wp-block-list\">\n<li>Ou les march\u00e9s sont devenus fous.<\/li>\n\n\n\n<li>Ou ils ont compris quelque chose que le reste du monde n\u2019a pas encore compris.<\/li>\n<\/ol>\n\n\n\n<p class=\"wp-block-paragraph\">Je pense pour la deuxi\u00e8me solution.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Imaginons le g\u00e9rant d\u2019un grand fond strat\u00e9gique Chinois, Norv\u00e9gien ou Arabe\u2026<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Il a parfaitement compris le risque de catastrophe sur le march\u00e9 obligataire fran\u00e7ais. Mais le m\u00eame risque existe sur les march\u00e9s Allemand, Britannique, Am\u00e9ricain etc\u2026<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Il voudrait bien vendre ses obligations fran\u00e7aises pour acheter des obligations Indiennes , Chinoises, Br\u00e9siliennes et que sais je encore. Mais ces march\u00e9s ont une tres faible liquidit\u00e9, et s\u2019il le faisait, il se retrouverait oblig\u00e9 de vendre l\u2019euro, la livre, le dollar, ce qui ferait s\u2019\u00e9crouler ces monnaies contre la sienne et contre les monnaies des pays dont ils ach\u00e8teraient les obligations, et pourrait lui valoir des ennuis avec son Conseil d\u2019Administration ou son ministre des Finances.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Que va-t-il faire&nbsp;? La caract\u00e9ristique num\u00e9ro un de l\u2019inflation, c\u2019est ce qu\u2019il est courant d\u2019appeler la fuite devant la monnaie.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Il va vendre ses obligations en France, en Grande Bretagne, aux USA et acheter des actions dans les m\u00eames pays, car ces actions vaudront toujours quelque chose. Alternativement, il peut vendre ses obligations fran\u00e7aises et l\u2019euro contre du dollar (le march\u00e9 dollar \/euro est immense), et acheter la technologie am\u00e9ricaine.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><u>Ma conclusion est simple. Nous sommes peut-\u00eatre en train rentrer dans une extraordinaire fuite devant la monnaie .<\/u><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Apr\u00e8s tout, la plus vieille loi en \u00e9conomie, la Loi de Gresham, pr\u00e9cise que&nbsp;<strong><em><u>la mauvaise monnaie chasse la bonne.<\/u><\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les obligations sont de la mauvaise monnaie puisqu\u2019elles ne sont plus des r\u00e9serves de valeur.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Les actions sont de bonnes r\u00e9serves de valeurs \u00e0 long terme et cette valeur est ind\u00e9pendante du num\u00e9raire dans lequel vous mesurez cette valeur.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Comment v\u00e9rifier cette hypoth\u00e8se&nbsp;?<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rempla\u00e7ons le march\u00e9 obligataire fran\u00e7ais par le cours d\u2019une once d\u2019or, et regardons le r\u00e9sultat.<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><a href=\"https:\/\/institutdeslibertes.org\/la-loi-de-gresham-appliquee-aux-marches-financiers\/image008-9-2\/\" target=\"_blank\" rel=\"noreferrer noopener\"><img decoding=\"async\" src=\"https:\/\/institutdeslibertes.org\/wp-content\/uploads\/2023\/05\/image008-9.png\" alt=\"\"\/><\/a><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">OOPS\u00a0! A la place d\u2019\u00eatre en hausse (relative) de 25% contre le march\u00e9 obligataire depuis l\u2019an 2000, nous sommes en baisse de 55% si la valeur de r\u00e9f\u00e9rence est l\u2019or. \u00ab\u00a0<em>L\u2019Or c\u2019est de la monnaie, le reste c\u2019est du cr\u00e9dit<\/em>\u00a0\u00bb disait John Pierpont Morgan. <strong>Le cr\u00e9dit de nos \u00e9tats ne vaut plus rien<\/strong>. Il semble que la deuxi\u00e8me explication puisse \u00eatre retenue\u2026\u00a0 Le choix va \u00eatre entre le d\u00e9faut de paiement ou l\u2019hyperinflation. <strong>Je maintiens mon conseil de n\u2019avoir aucune obligation dans tous ces pays.<\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><em>Auteur:\u00a0<a href=\"https:\/\/institutdeslibertes.org\/auteur\/charlesgave\/\">Charles Gave<\/a><\/em><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Economiste et financier, Charles Gave s\u2019est fait connaitre du grand public en publiant un essai pamphl\u00e9taire en 2001 \u201c Des Lions men\u00e9s par des \u00e2nes \u201c(\u00c9ditions Robert Laffont) o\u00f9 il d\u00e9non\u00e7ait l\u2019Euro et ses fonctionnements mon\u00e9taires. Son dernier ouvrage \u201cSire, surtout ne faites rien\u201d aux Editions Jean-Cyrille Godefroy (2016) rassemble les meilleurs chroniques de l&rsquo;IDL \u00e9crites ces derni\u00e8res ann\u00e9es. Il est fondateur et pr\u00e9sident de Gavekal Research (www.gavekal.com).<\/em><\/p>\n\n\n\nADDFREESTATS.COM AUTOCODE V4.0 &#8211;>\n<script type=\"text\/javascript\">\n<!--\nvar AFS_Account=\"00636949\";\nvar AFS_Tracker=\"auto\";\nvar AFS_Server=\"www6\";\nvar AFS_Page=\"DetectName\";\nvar AFS_Url=\"DetectUrl\";\n\/\/ -->\n<\/script>\n<script type=\"text\/javascript\" src=\"http:\/\/www6.addfreestats.com\/cgi-bin\/afstrack.cgi?usr=00636949\">\n<\/script>\n<noscript>\n<a href=\"http:\/\/www.addfreestats.com\">\n<img decoding=\"async\" src=\"http:\/\/www6.addfreestats.com\/cgi-bin\/connect.cgi?usr=00636949Pauto\" border=\"0\" alt=\"AddFreeStats.com Free Web Stats!\">Web Stats<\/a>\n<\/noscript>\n<iframe loading=\"lazy\" width=\"650\" height=\"180\" src=\"http:\/\/onlineradiobox.com\/gr\/mousikokanali\/player\/?cs=gr.mousikokanali&#038;played=1\" frameborder=\"N\" scrolling=\"no\"><\/iframe>\n<a href=\"http:\/\/djmusic.fr\">\n<img decoding=\"async\" src=\"http:\/\/djmusicparis.free.fr\/images\/Djmuisc_Jamendo.jpg\" border=\"0\" alt=\"AddFreeStats.com Free Web Stats!\"> Ecoutez DJMusic.fr<\/a>\n<a href=\"http:\/\/rutubes.free.fr\/Rutube_Cecostream.html\">\n<img decoding=\"async\" src=\"http:\/\/rutubes.free.fr\/images\/webtube-androidP.jpg\" border=\"0\n\n<!-- ENDADDFREESTATS.COM AUTOCODE V4.0  \u2192-->\n","protected":false},"excerpt":{"rendered":"<p>Articles \u00a0\u00a0\u00a0 : Mai 2023 &#8211; Avr. 2023\u00a0 &#8211; \u00a0Mar. 2023 &#8211; Fev. 2023 -Facebook\u00a0:\u00a0https:\/\/www.facebook.com\/profile.php?id=100069673161887 Twitter : https:\/\/twitter.com\/OrtfNews (Par Charles Gave) ++ WEBTUBE : Allez un petit effort, \u00e7a semble complexe au premier abord mais finalement tout est tr\u00e8s logique. La semaine derni\u00e8re, je me suis attach\u00e9 \u00e0 montrer que l\u2019horizon \u00e9conomique de la France &hellip; <a href=\"https:\/\/webtube.fr\/index.php\/2023\/05\/29\/economie-la-loi-de-gresham-appliquee-aux-marches-financiers\/\" class=\"more-link\">Continuer la lecture<span class=\"screen-reader-text\"> de &laquo;&nbsp;Economie : La Loi de Gresham appliqu\u00e9e aux march\u00e9s financiers.&nbsp;&raquo;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[2],"tags":[],"class_list":["post-22334","post","type-post","status-publish","format-standard","hentry","category-non-classe"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Economie : La Loi de Gresham appliqu\u00e9e aux march\u00e9s financiers. - # WEBTUBE.fr<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/webtube.fr\/index.php\/2023\/05\/29\/economie-la-loi-de-gresham-appliquee-aux-marches-financiers\/\" \/>\n<meta property=\"og:locale\" content=\"fr_FR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Economie : La Loi de Gresham appliqu\u00e9e aux march\u00e9s financiers. - # WEBTUBE.fr\" \/>\n<meta property=\"og:description\" content=\"Articles \u00a0\u00a0\u00a0 : Mai 2023 &#8211; Avr. 2023\u00a0 &#8211; \u00a0Mar. 2023 &#8211; Fev. 2023 -Facebook\u00a0:\u00a0https:\/\/www.facebook.com\/profile.php?id=100069673161887 Twitter : https:\/\/twitter.com\/OrtfNews (Par Charles Gave) ++ WEBTUBE : Allez un petit effort, \u00e7a semble complexe au premier abord mais finalement tout est tr\u00e8s logique. 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