A large reduction of the outgoing flow of capital to Emerging countries is a clear sign that the rich Countries are in a recession, very visible in Europe, and less in the US.

Energy is from now onwards an internal problem of the USA, and the country foreign policy may gain a huge area of freedom.

The new President has claimed a renegotiation of the Fiscal Compact to mitigate its deflationary impact and to include measures aimed at growth. The reaction of Angela Merkel has been a prompt and peremptory rejection.

The common interpretation in Germany that it is essentially a sovereign debt crisis can only be explained by an ideologically constrained perspective.