What are the consequences of the financial crisis?

On October 11, Floriane wondered what impact the financial crisis would have on the "younger generation", tomorrow or in a few years ... I waited a few weeks before proposing some answers, but I admit that yet, I can not see the true outcome of this crisis. Stock market fluctuations are such that the nausea takes anyone interested in a little more closely. Of course, governmental voices are strong (very strong in Europe). Of course, taxes are impressive. But the disaster was just as much. Who can say if this will be enough? 

Like many, I first was amazed to see the failure of governments to respond. France curves back - confident that the crisis would not it? And then finally came time for European and national decisions. It was time to prove that a policy response could be particularly useful and effective. Above all, he was now convinced that everything was under control. Really? Without partisanship or New York or Paris or Berlin or Tokyo, or even Beijing can not avoid the economic repercussions of the financial storm. 

So who will pay? Savers, employees, consumers and tomorrow, taxpayers will pay the price ... In short, the whole world because the whole economy will suffer from the follies of Wall Street and Company. "In France, growth is expected to be zero in 2009, says Philippe Askenazy professor at the Ecole d'économie de Paris. It will not restart until early 2010. "Is it pink is the scenario: depending on the magnitude and speed of contagion, recession could be more or less long and severe. Many French people have already felt the first effects. 

On all fronts, most investors now have the impression that the crisis has planted its teeth in their large property. Resulting in what economists call an effect of impoverishment. Davydoff Didier, director of the Observatory of European savings, anticipated changes in behavior: "Those who believe that their wealth will diminish rebuild their savings rather than consumption. "By focusing on safe havens ... Simply put, instead of spend, the richer will save. This is as many commands in less for the industry. Who says less than controls, said less work. And who said that less work fewer recruits. At best ... 

To make matters worse, in this context, credit is more scarce and more expensive, which will further stifle consumer spending and business investment. And stifle business. Faced with international competition, tempted by the relocation industry, which according to the INSEE has already lost 64 300 jobs between January 2007 and June 2008, may be particular to the sentence. As explained Yvon Jacob, president of the Group of Industrial Federations, "when the prospects are not good, a company must reduce its production preferred first touch of the other jobs and stop using its subcontractors" . And the latter, lack of cash may soon find themselves facing bankruptcy. Beyond the use in the companies themselves, life may be disrupted. Employees, fasten your seatbelts! 

But that's not all ... In a context of weak growth - and even prolonged recession - financing retirement of baby boomers and repay the debt may turn to squaring the circle. Who will pay? All of us, tomorrow, and no doubt the next generation, to which it will, in addition to tightening the belt, to find a solution to this puzzle. What to give good work for forty years ... At least!