But also because unemployment is structural

America suffers, and this suffering goes to speak today in the polls. The President Barack Obama cannot be charged with causing unemployment. Liability here to have repeated to the Americans, in 2008, as "yes we can", yes we can get out quickly this rut. Evil is more profound. There is something broken in the job machine", beyond the scenario of the jobless (already seen in the early 2000s). Even if a noircisseur table, do not hesitate to say: in the matter, America began to resemble the France. Not only the proportion of the unemployed because there is also high for the first time since more than a quarter of a century. But also because unemployment is structural.

More than 6 million Americans are without work for more than six months, 42 of the total. While the average of the last decade ranged from 15 to 20, closer to the current weight of the France, which is 60. Another sign: the number of employees working less that they would like to see doubled in two years to exceed the 9 million - or a greater proportion than in France, where this situation is only 1.3 million of assets.

The upheaval of the American labour market comes from the financial crisis, which has broken essential spring: mobility, considered up to now as the great superiority of America on Europe. It was "the backpack effect": when the crisis was a city, its inhabitants on the tile left to settle elsewhere, where there was hiring. This tradition of a country of migrants has persisted over the decades, the backpack becoming a moving van. But, today, the candidate initially has a major problem: it can no longer sell his house. Therefore, it can no more redeem another elsewhere. It is "glued", as told in the stock market.

At the time, the mobility is impeded, as it is in the France (with particular rights transfer that are more than 5 of the price of a home, making costly move) or Europe (with the language barrier). Hence a spectacular result: unemployment rates are very different from one State to another. Nevada (where is Las Vegas) has 14 of the unemployed, the Michigan 13, Florida and California 12, while two Dakota and Nebraska are at full employment, less than 5. A gap greater than France, where the rates range from 8 in Ile-de-France and the Limousin to 13 in the North - Pas-de-Calais.

Employment is not the only area where America seems to copy the French through. It is happening exactly the same longitudinal in credit to SMEs. Antan, us bankers established interest rates for loans to companies based on their credit quality, while the French used set the size of the company.

Very careful study had highlighted this gap. But us bankers have lost this know-how. Stifled by their past follies, they have drastically reduced their commitments. Since early 2009, the outstanding amount of their business credit decreased by $ 400 billion! Large companies like Microsoft or Goldman Sachs will raise funds directly on the markets. The small lab pharmaceutical of Carson City, he is threatened with financial asphyxia. As the mechanics of Bresse SMEs.

Of course, America care other strengths - powerful universities, the issuance of the global currency, a tonic demography, a huge capacity for innovation, and especially a great entrepreneurial spirit. But the crisis shows that its assets are fragile. It may well eventually suffer headaches same as Europe. Disaster!