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Back to basics. A few days before the G20 summit, the head of the World Bank advocates the establishment of an international monetary system based on the gold standard.

Faced with the intractable war of currencies, Robert Zoellick, speaks in an article published in the Financial Times, the need to replace the current "Bretton Woods II", the floating exchange rate system that has prevailed since the end of the Bretton Woods in 1971. The former member of the secretariat to the U.S. Treasury calls for the establishment of "an international system able to involve both the dollar, euro, yen, pound sterling and the renminbi (Chinese currency Ed). He added that this "must also be considered to rely on gold as an international reference point for assessing market expectations on inflation, deflation, and the future value of currencies".

The statements of the economist occurred when the current monetary system is under fire from critics. The latter in particular having allowed China to artificially weaken its currency, say U.S. and other countries. Moreover, the U.S. Treasury Secretary Timothy Geithner called again this weekend emerging economies to rebalance their growth and relaxing their policy changes. But the U.S. central bank has also been strongly criticized these days for a further massive injection of dollars into markets, denounced as a source of major imbalances. This gesture helped to weaken the dollar against other currencies.

Gold at record levels

The Fed's intervention also triggered a further increase of an ounce of gold has climbed in recent days to record levels at over 1393.55 dollars an ounce.The boss of the World Bank also indicates that "although textbooks may consider gold as an old currency, the markets use gold as an alternative monetary asset today."

Remains whether the expert will be heard. France, which chairs the G20 to be held Thursday and Friday in Seoul has set out to reform the international monetary system. The Elysee said he had already won support from China.

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U.S. stock markets close an unchanged Friday. The Dow Jones gained 0.08% to 11,444 points, the Nasdaq is 0.06% at Standard 2578.98 points and the S & P 500 advance from 0.39% to 1225.83 points.

Wednesday night, the Fed committed to buying $ 600 billion of bonds in the long term by June 2011. The Federal Reserve said that these actions could be adjusted if necessary.

On the foreign exchange market, the euro retreated sharply against the dollar in the evening, operators preferring to pocket some profits before the publication of the monthly report on employment. The single European currency was worth 1.4036 dollars against 1.4213 dollars on the previous evening.It reached 1.4282 dollars Thursday, its highest level since Jan. 20 last.

USA: job creation in high growth, unemployment stable

On the macroeconomic front, the U.S. economy created 151,000 jobs in October. This is the largest monthly increase since last April. It's also much more than anticipated economists surveyed by Reuters. they had forecast 60,000 new jobs.Despite this improvement, the official unemployment rate in the United States remained stable at 9.6% in October, close to its highest level in a generation.

The consumer credit is left against all odds in the United States after seven months of declines, rising 1.11% in September despite the reduction of debt of Americans with credit card, according to official figures published Friday.

The side of values, the American food giant Kraft (-2.45% to 31.01 U.S. dollars) Thursday announced after the close of U.S. markets profit down 8.5% on a year for the third quarter, surpassing low expectations of Wall Street. Net income group share came out to $ 754 million in the third quarter, against 824 million a year earlier.

For its part, the coffee chain Starbucks (4.77% to 31.17 dollars) announced at the publication of its results, it had notified its intention to Kraft to end its distribution agreement packets coffee in supermarkets, agreement dating from 1998. Starbucks did not give further details.

Starbucks announced alongside a profit of 399.3 million dollars, or 37 cents per share against 32 cents expected by analysts. Turnover was up 17% to $ 2.8 billion. Same-store sales increased 8%, posting its fourth consecutive quarter of gains. Store traffic is up 5% and average ticket increased by 2%. Operating margin increased to 14.1% against 8.2% last year thanks to a major effort to control costs, including marketing costs.

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The rate of household credit in September reached the lowest level on record, continuing the decline as mortgage side than on consumer credit, according to figures released Wednesday by the Bank of France.

According to the institution, all credits and rate all maturities rose to 4.63% in September. The previous record was set in July 2005 with 4.70%.

The rate of housing loans at fixed rates, all durations combined, it was near the lowest level ever, at 3.52% against 3.50% in November 2005.

The decline also continues for consumer credit, including the average rate reached 5.95% in September no fax pay day loan. It has been below this threshold only twice in September and October 2005. In business, after a slight rebound in August, the average rate loans fell in September to 2.96%.It was located in May to the lowest level on record, at 2.82%.

The series of Bank of France only go back to 1990 for these indicators. However, the level of inflation prior to this period suggests that the rate never dropped below these levels before.

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Together and in a few months, Nicolas Sarkozy and David Cameron have succeeded where fifteen years of efforts to create a true European defense, conducted mostly by the French, had largely failed. British Prime Minister and French President will sign on Tuesday in London, a treaty of defense and security aimed at developing cooperation between the armed forces of both countries and "their joint deployment. The text will not be released but according to the Elysee, the content is "substantial."

The merger of French and British defenses swept almost all areas. But one, nuclear is more sensitive and symbolic than others.While guaranteeing the independence of their deterrent, London and Paris on Tuesday will seal 'unprecedented cooperation "aimed at testing the performance of nuclear warheads and safety of arsenals of both countries in the installation of French scientific Valduc, Burgundy , to be completed in 2022. British side, it will be supported by a research center based in Aldermaston. This particular agreement will be a special treaty between David Cameron and Nicolas Sarkozy, who will be concluded Tuesday, and for fifty years. As one manager at the Elysee, "having reached agreement on a major issue as the nuclear weapons demonstrates a degree of trust between our two countries has never been equaled.It will help develop the rest. "

In London, a letter of intent "a new framework for trade" between our forces in theaters of operation will also be signed by the two Defence Ministers. A common joint expeditionary force suited to all operations, including high density, and available on notice, should be created.The decision to replace Britain Green Paper in 2016, on aircraft carriers, the system of vertical takeoff by the catapult, making it compatible vessels and aircraft from both countries allow British and French navies to cooperate, first around the Charles de Gaulle, then in 2020, around the new British aircraft carrier.

Enhanced cooperation on UAVs and missiles

In addition, the London summit is also an opportunity to announce a strengthening of links on the A400M program (maintenance, pilot training, air refueling), a technology cooperation on nuclear submarines – to the nuclear exclusion of hearts and launchers – a harmonization of mine, increased cooperation in the field of UAVs, have become essential for the armed forces, in the missile and that of research instant payday loan.

The two countries will work together next year to design the next generation of surveillance drones "medium altitude endurance lon gue" that must be designed between 2015 and 2020 and in 2012 launched a "common agenda demonstrator" intended to prepare future "UCAV" likely to enter service in 2030.

In terms of missiles, Paris and London have unveiled Tuesday a "year strategic plan" intended, according to the Elysee, to hatch a "single European supervisor. From 2011, both countries will also work on a new anti-missile navireau successor to the Scalp cruise missile and a draft air short range missile.

Economic realities

In total, according to the Elysee, "a program that commits us for decades and will profoundly structure our defenses and our industries."Underpinned by the will of Nicolas Sarkozy and David Cameron, this historic rapprochement was forced by the economic crisis by imposing budget cuts on both sides of the Channel, could lead the French and British armies to "stall". In order to remain global powers, London and Paris, the two European heavyweights in the military, are now sentenced to cooperate to save money, even to accept a "mutual interdependence" in some areas, says it as president. Unite to survive.

French officials are convinced: the return of Paris in the Alliance's integrated command, by removing the mistrust of our partners, who suspected France of wanting to weaken NATO, has helped to strengthen ties with London while by removing the U.S. reluctance."Without this return, he was psychologically and politically more difficult to get agreement," says the head of the Elysee.

All this is supposed to be the "cornerstone" of a project that could one day be even more ambitious. If other European countries decided to join the Franco-British military locomotive of Europe …

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