{"id":339,"date":"2010-08-05T10:54:19","date_gmt":"2010-08-05T10:54:19","guid":{"rendered":"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/2010\/08\/05\/croissance-monetaire-et-reprise-economique-une-alliance-indissociable\/"},"modified":"2012-07-12T12:18:21","modified_gmt":"2012-07-12T12:18:21","slug":"croissance-monetaire-et-reprise-economique-une-alliance-indissociable","status":"publish","type":"post","link":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2010\/08\/05\/croissance-monetaire-et-reprise-economique-une-alliance-indissociable\/","title":{"rendered":"Croissance mon\u00e9taire et reprise \u00e9conomique une alliance indissociable"},"content":{"rendered":"<p>&#160;Dans un tr\u00e8s bon papier de Steve Hanke publi\u00e9 sur le site de l&#039;Institut Turgot, il est rappel\u00e9 avec force pertinence qu&#039;il ne peut pas y avoir croissance \u00e9conomique sans son corollaire qu&#039;est la croissance de la masse mon\u00e9taire. La derni\u00e8re crise financi\u00e8re qui a \u00e9touff\u00e9 une \u00e9conomie en bonne sant\u00e9 nous a clairement d\u00e9montr\u00e9 cette relation biunivoque entre les deux variables. L&#039;\u00e9conomiste de l&#039;Universit\u00e9 Johns Hopkins de Baltimore explique dans ce papier que la croissance \u00e9conomique va se tra\u00eener aussi bien en Europe qu&#039;aux Etats-Unis en raison d&#039;une insuffisante croissance de la masse mon\u00e9taire. Pour argumenter son propos il pr\u00e9sente des courbes de variations sur douze mois mobiles de la masse M3 en Europe et de la MZM am\u00e9ricaine qui se tra\u00eenent vers le z\u00e9ro pour-cent de variation.<\/p>\n<p>&#160;Cette pr\u00e9sentation semble \u00eatre en contradiction avec l&#039;amorce de reprise nette de l&#039;\u00e9conomie observ\u00e9e en Europe depuis un trimestre environ. Pour mettre en phase la mesure de la variation de la masse mon\u00e9taire M3 avec la fra\u00eecheur du ph\u00e9nom\u00e8ne \u00e9conomique il appara\u00eet donc que la r\u00e9f\u00e9rence \u00e0 l&#039;ann\u00e9e pr\u00e9c\u00e9dente n&#039;est s\u00fbrement pas la bonne. Ce sentiment est confirm\u00e9 par un simple calcul de la variation de la masse mon\u00e9taire M3 annualis\u00e9e sur trois mois glissants et non sur douze comme le pr\u00e9sente Hanke (FIG.).<\/p>\n<p> <a href=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/6a00d83451b18369e20133f2dc046b970b-pi.jpg\"><img decoding=\"async\" alt=\"M3-Eurozone\" class=\"asset asset-image at-xid-6a00d83451b18369e20133f2dc046b970b \" src=\"http:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/6a00d83451b18369e20133f2dc046b970b-450wi.jpg\" style=\"width: 450px\" \/><\/a>&#160;<\/p>\n<p>Il est alors possible de constater que la masse mon\u00e9taire M3 qui est pass\u00e9e par un minimum de 9303 milliards d&#039;euros en Janvier dernier (FIG., courbe noire) a depuis repris un timide mouvement de croissance. La derni\u00e8re valeur connue de Juin 2010 \u00e0 9423 milliards, indique une croissance annualis\u00e9e de 4,3% en un trimestre (FIG., courbe rouge).<\/p>\n<p>Un m\u00eame calcul sur la masse MZM du 19 Juillet \u00e0 9441 milliards de dollars, publi\u00e9e par la FED montre une croissance annualis\u00e9e sur trois mois mobiles de 5,8%.&#160;<\/p>\n<p>Il est \u00e9vident que les masses mon\u00e9taires europ\u00e9ennes et am\u00e9ricaines ne progressent pas assez vite pour conforter une bonne reprise \u00e9conomique, mais un mouvement de croissance de la monnaie est en cours par rapport \u00e0 des plus bas observ\u00e9s au d\u00e9but 2010 en Europe et au mois d&#039;Avril aux \u00c9tats-Unis.<\/p>\n<p><a href=\"http:\/\/blog.turgot.org\/index.php?post\/Hanke-monnaie#comments\" target=\"_blank\">LIRE<\/a> le papier de Steve Hanke sur le site de l&#039;Institut Turgot.<\/p>\n<p>Le 5 Ao\u00fbt 2010 <\/p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#160;Dans un tr\u00e8s bon papier de Steve Hanke publi\u00e9 sur le site de l&#039;Institut Turgot, il est rappel\u00e9 avec force pertinence qu&#039;il ne peut pas y avoir croissance \u00e9conomique sans son corollaire qu&#039;est la croissance de la masse mon\u00e9taire. La derni\u00e8re crise financi\u00e8re qui a \u00e9touff\u00e9 une \u00e9conomie en bonne sant\u00e9 nous a clairement d\u00e9montr\u00e9 [&hellip;]<\/p>\n","protected":false},"author":341,"featured_media":22141,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-actualites"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Croissance mon\u00e9taire et reprise \u00e9conomique une alliance indissociable - leblogenergie.com<\/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:\/\/blogs.thesocialmedia.com\/leblogenergie\/2010\/08\/05\/croissance-monetaire-et-reprise-economique-une-alliance-indissociable\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Croissance mon\u00e9taire et reprise \u00e9conomique une alliance indissociable - leblogenergie.com\" \/>\n<meta name=\"twitter:description\" content=\"&#160;Dans un tr\u00e8s bon papier de Steve Hanke publi\u00e9 sur le site de l&#039;Institut Turgot, il est rappel\u00e9 avec force pertinence qu&#039;il ne peut pas y avoir croissance \u00e9conomique sans son corollaire qu&#039;est la croissance de la masse mon\u00e9taire. La derni\u00e8re crise financi\u00e8re qui a \u00e9touff\u00e9 une \u00e9conomie en bonne sant\u00e9 nous a clairement d\u00e9montr\u00e9 [&hellip;]\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/6a00d83451b18369e20133f2dc046b970b-450wi.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"\u00c9crit par\" \/>\n\t<meta name=\"twitter:data1\" content=\"Raymond Bonnaterre\" \/>\n\t<meta name=\"twitter:label2\" content=\"Dur\u00e9e de lecture estim\u00e9e\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2010\/08\/05\/croissance-monetaire-et-reprise-economique-une-alliance-indissociable\/\",\"url\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2010\/08\/05\/croissance-monetaire-et-reprise-economique-une-alliance-indissociable\/\",\"name\":\"Croissance mon\u00e9taire et reprise \u00e9conomique une alliance indissociable - leblogenergie.com\",\"isPartOf\":{\"@id\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2010\/08\/05\/croissance-monetaire-et-reprise-economique-une-alliance-indissociable\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2010\/08\/05\/croissance-monetaire-et-reprise-economique-une-alliance-indissociable\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/6a00d83451b18369e20133f2dc046b970b-450wi.jpg\",\"datePublished\":\"2010-08-05T10:54:19+00:00\",\"dateModified\":\"2012-07-12T12:18:21+00:00\",\"author\":{\"@id\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/#\/schema\/person\/debca67b8b93370360bdbd19ceb00794\"},\"breadcrumb\":{\"@id\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2010\/08\/05\/croissance-monetaire-et-reprise-economique-une-alliance-indissociable\/#breadcrumb\"},\"inLanguage\":\"fr-FR\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2010\/08\/05\/croissance-monetaire-et-reprise-economique-une-alliance-indissociable\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2010\/08\/05\/croissance-monetaire-et-reprise-economique-une-alliance-indissociable\/#primaryimage\",\"url\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/6a00d83451b18369e20133f2dc046b970b-450wi.jpg\",\"contentUrl\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/6a00d83451b18369e20133f2dc046b970b-450wi.jpg\",\"width\":\"450\",\"height\":\"373\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2010\/08\/05\/croissance-monetaire-et-reprise-economique-une-alliance-indissociable\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Croissance mon\u00e9taire et reprise \u00e9conomique une alliance indissociable\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/#website\",\"url\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/\",\"name\":\"leblogenergie\",\"description\":\"Just another The Social Media Group Network site\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"fr-FR\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/#\/schema\/person\/debca67b8b93370360bdbd19ceb00794\",\"name\":\"Raymond Bonnaterre\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"fr-FR\",\"@id\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/4c04f9e9aab7489452c52f805e42fbd3?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/4c04f9e9aab7489452c52f805e42fbd3?s=96&d=mm&r=g\",\"caption\":\"Raymond Bonnaterre\"},\"url\":\"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/author\/raymond-bonnaterre\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Croissance mon\u00e9taire et reprise \u00e9conomique une alliance indissociable - leblogenergie.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2010\/08\/05\/croissance-monetaire-et-reprise-economique-une-alliance-indissociable\/","twitter_card":"summary_large_image","twitter_title":"Croissance mon\u00e9taire et reprise \u00e9conomique une alliance indissociable - leblogenergie.com","twitter_description":"&#160;Dans un tr\u00e8s bon papier de Steve Hanke publi\u00e9 sur le site de l&#039;Institut Turgot, il est rappel\u00e9 avec force pertinence qu&#039;il ne peut pas y avoir croissance \u00e9conomique sans son corollaire qu&#039;est la croissance de la masse mon\u00e9taire. La derni\u00e8re crise financi\u00e8re qui a \u00e9touff\u00e9 une \u00e9conomie en bonne sant\u00e9 nous a clairement d\u00e9montr\u00e9 [&hellip;]","twitter_image":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/6a00d83451b18369e20133f2dc046b970b-450wi.jpg","twitter_misc":{"\u00c9crit par":"Raymond Bonnaterre","Dur\u00e9e de lecture estim\u00e9e":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2010\/08\/05\/croissance-monetaire-et-reprise-economique-une-alliance-indissociable\/","url":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2010\/08\/05\/croissance-monetaire-et-reprise-economique-une-alliance-indissociable\/","name":"Croissance mon\u00e9taire et reprise \u00e9conomique une alliance indissociable - leblogenergie.com","isPartOf":{"@id":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/#website"},"primaryImageOfPage":{"@id":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2010\/08\/05\/croissance-monetaire-et-reprise-economique-une-alliance-indissociable\/#primaryimage"},"image":{"@id":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2010\/08\/05\/croissance-monetaire-et-reprise-economique-une-alliance-indissociable\/#primaryimage"},"thumbnailUrl":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/6a00d83451b18369e20133f2dc046b970b-450wi.jpg","datePublished":"2010-08-05T10:54:19+00:00","dateModified":"2012-07-12T12:18:21+00:00","author":{"@id":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/#\/schema\/person\/debca67b8b93370360bdbd19ceb00794"},"breadcrumb":{"@id":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2010\/08\/05\/croissance-monetaire-et-reprise-economique-une-alliance-indissociable\/#breadcrumb"},"inLanguage":"fr-FR","potentialAction":[{"@type":"ReadAction","target":["https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2010\/08\/05\/croissance-monetaire-et-reprise-economique-une-alliance-indissociable\/"]}]},{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2010\/08\/05\/croissance-monetaire-et-reprise-economique-une-alliance-indissociable\/#primaryimage","url":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/6a00d83451b18369e20133f2dc046b970b-450wi.jpg","contentUrl":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/files\/2012\/07\/6a00d83451b18369e20133f2dc046b970b-450wi.jpg","width":"450","height":"373"},{"@type":"BreadcrumbList","@id":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/2010\/08\/05\/croissance-monetaire-et-reprise-economique-une-alliance-indissociable\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/"},{"@type":"ListItem","position":2,"name":"Croissance mon\u00e9taire et reprise \u00e9conomique une alliance indissociable"}]},{"@type":"WebSite","@id":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/#website","url":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/","name":"leblogenergie","description":"Just another The Social Media Group Network site","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"fr-FR"},{"@type":"Person","@id":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/#\/schema\/person\/debca67b8b93370360bdbd19ceb00794","name":"Raymond Bonnaterre","image":{"@type":"ImageObject","inLanguage":"fr-FR","@id":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/4c04f9e9aab7489452c52f805e42fbd3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4c04f9e9aab7489452c52f805e42fbd3?s=96&d=mm&r=g","caption":"Raymond Bonnaterre"},"url":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/author\/raymond-bonnaterre\/"}]}},"_links":{"self":[{"href":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/wp-json\/wp\/v2\/posts\/339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/wp-json\/wp\/v2\/users\/341"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/wp-json\/wp\/v2\/comments?post=339"}],"version-history":[{"count":1,"href":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/wp-json\/wp\/v2\/posts\/339\/revisions"}],"predecessor-version":[{"id":22143,"href":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/wp-json\/wp\/v2\/posts\/339\/revisions\/22143"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/wp-json\/wp\/v2\/media\/22141"}],"wp:attachment":[{"href":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/wp-json\/wp\/v2\/media?parent=339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/wp-json\/wp\/v2\/categories?post=339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.thesocialmedia.com\/leblogenergie\/wp-json\/wp\/v2\/tags?post=339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}