Author: Michel Santi

Inflation of prices, deflation of policies

October 10, 2019 0

So you think you understand inflation? Allow me to correct you because it is in no way the result of an unreasonable expansion of the money supply that translates into a rise in prices. This clichéd term of “inflation”, used unscrupulously by the detractors of central banks, by the prophets of misfortune whose commercial stock…

By Michel Santi

The People against the Economists

September 9, 2019 0

  In his time, Franklin Delano Roosevelt dismissed John Maynard Keynes, one of the most influential and brilliant economists of the 20th century, who was labelled an “unorthodox mathematician” by this president. In his farewell address, Eisenhower had warned his citizens against the technocrats in power, the same who were recently described by Emmanuel Macron…

By Michel Santi

Central banker: extinction of the species

July 9, 2019 0

  “Of course our central bank is independent”, the Turkish President, Recep Tayyip Erdogan, pretty much just declared, just before dismissing by presidential decree (on 7th July) the boss of Turkey’s central bank, Murat Cetinkaya, stating that “a central bank cannot ignore the signals sent by the President”. It was in the last century and…

By Michel Santi

Have populists become conservatives ?

June 29, 2019 0

  There was a time when “populism” was synonymous with governmental financial mismanagement and irresponsibility. Far exceeding budget constraints, the leaders of these groups and realms of thought would empty the public treasury, use up reserves and bring about monetary crises, inflation, capital outflows, recession and even payment defaults. In short, the reigning populists’ disdain…

By Michel Santi