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t their children intodebt indeed far beyond Cheap Moncler France reasonable, who have had all the powers in theiractive life, and who now want all the hereditaments for their retirement.This is one of the least perceived Doudoune Moncler France consequences, global, of the increase inlife expectancy: inheritance is not a way to gain a foothold in active life.Barely a way to supplement retirement. If anything is left. Unless the veryelderly are put away and a declaration is made that, after a certain age,each one of us will have to be content with a minimum, determined by thefollowing generations. Which will only push the very elderly to leave, withtheir money, and travel to France Moncler France more welcoming countries.j@attali.comEver taille Moncler France y day we see cumulative evidence of the growing contradiction between the market and democracy. Democracy means borders. Geographical boundaries that define its jurisdiction. Functional boundaries, which define the areas covered by the policy. While the market, itself, by nature, has no borders: merchants, capital, workers, consumers, employees must be able to go wherever they want, sell what they want, buy what they want, work wherever they want, invest where they want. Democracy is sedentary. The market is nomadic. We find this in what is at stake today: the financial crisis finds its source there. Policy finds its limit there, being agitated in pathetic shows, Moncler France even though the essential part no longer depends on it. It is also found, in particular, in what is at stake around L’Oréal. Even if this story has numerous dimensions, involving financing strategy, exploitation of old age and a scandalous mixture between politicians fascinated by money and stratospheric fortunes, the main thing is in my opinion what this case tells us about the possibility for politics, not to give in to the market. In fact, if the market was the only master, Mrs. Bettencourt, would have been a fiscal expatriate since a long time. She is not. This is not without significance: L’Oréal, strategic company of the future, is still French only because

the heiress of its founder has decided not to move, whereas for purely financial reasons, she should Doudoune Moncler France have done so long ago, as do some new fortunes to save a few fractions of their heritage. Whatever her real motivations, whatever tax evasion her advisers have been guilty of, it is quite certain that she understood, like others with her, that true wealth is Moncler France precisely to be able to choose to live where we have the pleasure to li Cheap Moncler France ve and not where the tax rate is the lowest. She understands that we must be very poor, humanly and culturally, to decide to escape tax and let the market decide our fate. And if some, younger, less wealthy than her, subject themselves to these diktats. It is because the nation has not found good ways to convince them to stay. Here is the important part: democracy cannot fight against the market on the same ground. It should not resign itself to France Moncler France be deprived of its budgetary resources to attract those who do not care about its fate. It should not reduce taxation to nothing , hoping to keep the richest, or make it too excessive, hoping to help the poorest. Democracy must fight with other weapons: those of education, innovation, culture, pleasure to live together, of the soc taille Moncler France ial pact. Indeed experience shows that there are few tax emigrants in countries with high tax rates, where politicians are able to share a collective project, with people who accept the constraints without cheating. Politics cannot balance the market by bending to its laws. It can only do so by offering a few good reasons for nomads to share their destiny with the settlers. j@attali.comNovember 1, 2010 9:53 A.M | by JACQUES ATTALIThree words; two countries and a man, summarize what the world can become.Each one of them embodies a local reality today, which can become adimension of the future of the entire planet.Japan is becalmed in the crisis since 20 years, when a real estate bubbleburst, unearthing rotten credits and often mafia granted by banks. Sincethen, nothing was successful, banks are lending with doors wide open

usingzero interest rates, public debt is the highest in the world, and yet,despite the tremendous technological level of the country, growth is almostzero. And if unemployment does not explode, it is because demography isdisastrous.Affected by a similar crisis, of a banking system just as rotten, obsessedby the idea of avoiding such a future, the United States, where realunemployment is reaching 17% of the workforce, is doing everything to keepbusinesses alive and to support the stock market prices, on which depend theinvestments of many Americans. And for that, they lend, as Japan has donefor 20 years, in an unlimited way, money to maintain the liquidity of thesystem: the Fed buys all debts submitted by the banks. It finances debt bythe printing of money. While in January 2007, the Central Bank balanceapproached 1200 billion dollars, it reached 2300 billion in 2010. Not manypeople are worried. One of the few lucid players, Bill Gross, president ofPIMCO, the first private creditor of Moncler France th taille Moncler France e United States, has just describedthe strateg Cheap Moncler France y as «Ponzi pyramid scam», that is to say, the mechanism used byMadoff, who was paying his creditors by using money from other lenders. France Moncler France Andthe European Central Bank, despite all its virtuous protests, i Doudoune Moncler France s actingsimilarly by buying the more or less doubtful debts of its members.In doing so, Western governments actually give all power to the financialsystem, which has daily ammunitions, increasingly burdensome to allocatemoney where its interests are best served. Huge masses of capital arespeculating on currencies, determining the exchange rate, and are prevailingover governments.So, to give the illusion of existence, Heads of State and of Governmentmeet, take pictures, sign releases, as will be discussed at the next G20meeting in Seoul, that will end, as the previous ones, by a triumphant pressrelease, hoping that nobody will have the bad taste to reread the previousG20 releases.Then, we shall come to the third level of chaos: a global market withoutglobal rule leads, eventua