Franois Chesnais

In this direction, valley to remember Franois Chesnais (17), as is followed: Thanks to ' ' autonomia' ' provided for the liquidity and while this seems guaranteed to them, the financial markets they construct one confined environment, a world where fetiches reigns. … Andres Orlan points out in this point the heel of aquiles of the Finances. Its extraordinary capacity of if becoming impermeable during long periods what it happens in the real world have as effect to allow the formation of conventions, whose gone off they constitute the origin of the financial and bursteis bubbles, leaving the space opened for craques. … (ORLAN, 1999:84) (grifo and boldface and ours). We are well close to an important conclusion: valley to say, that one of that if what it keeps the market in expansion is the permanent flow of liquidity, the advent of a possible hypothesis of reduction of the liquidity of the financial system will go, consequentemente, to lead back this market of a system ' ' aberto' ' for a system ' ' ' fechado' ' , as long ago existing in the 1979/1980 the previous years.

Of course, when this to come to occur, if already did not occur, such market will start to be a market of flows, and ' ' against flows it does not have argumentos' '! In other terms, all problem of open system has solution! The problem is that the systems do not remain open ad aeternum. Thus, an opened system, more early or later, will go to changed itself into a closed system. in the closed systems the excesses are corrected. In this diapaso, no longer year of 2000, Michel Aglietta &#039 indicated the one sprouting; ' it offers efetiva' ' , as above we mention, from 2007-8, when, according to it, ' ' the institucional investors would have to become salesmen lquidos' ' , as he follows yourself: (22) The demographic trend towards ageing supports long bull market where stock prices deviate from the historically trendless real stock-price index.