A generational crisis is brewing
October 22, 2025The rise of AI is consuming energy faster than the power grid can supply. By 2028, U.S. data centers will use up to 12% of the nation’s electricity — enough to power 24 million homes. Nuclear energy is the only realistic path forward, yet building a single plant takes an entire decade.Since each reactor produces…
🪙 Gold: The Barometer of Distrust
October 19, 2025He does not promise wealth, but safety. He does not guarantee prosperity, but survival. Gold, whose ounce was flirting with $2,000 as recently as March 2024, is now on the verge of crossing the $4,400 mark. Up more than 55% over one year, and 16% this month alone, its acceleration is spectacular. Perfectly proportional to…
Turkey is abandoning Iran
October 12, 2025Erdogan has surprised both his allies and his adversaries: by freezing the assets of key Iranian institutions, the Turkish president is sending clear signals to Washington. A spectacular U-turn from the man who, until recently, portrayed himself as Tehran’s defender against U.S. sanctions. The Return of the “Snapback”: Iran Under Sanctions Again After the International…
Dystopian Horizon: The Great Schism
October 5, 2025The 2020 crisis, fueled by monetary stimulus, has transformed capitalism. Efficiency and Artificial Intelligence have become Wall Street’s sole imperatives, carving out a historic gap between the euphoric markets and the labor force. This divide between the Stock Market and the Street is more than just economic—it is a civilizational warning. The Wealth of…
Gold’s Big Jump: Let’s Put Things in Perspective
October 2, 2025A 47% increase in gold prices so far this year is certainly impressive. And yet, in 2025 gold represents only 5% of total market assets — compared with 21% in 1980. Equities, bonds, derivatives, crypto… the financial universe is now four times larger in 2025 than it was in 1980. In other words, the…
The United States bail out Argentina
September 27, 2025The U.S. Treasury has just announced a set of massive financial support measures for Argentina: the purchase of Argentine bonds in U.S. dollars, the establishment of a stand-by credit via the Exchange Stabilization Fund (ESF), a $20 billion currency swap line with the Argentine Central Bank (BCRA). Because, contrary to all the bluster of libertarian…
Fiscal and Monetary: An Inseparable Pair
September 21, 2025Public debt: an “existential threat.” That is how it is described by the guardians of budgetary orthodoxy, whose alarmism owes more to populism than to a rigorous understanding of the mechanisms at play. Their discourse aims to instill fear for ideological purposes. It serves a hidden agenda. Unless, perhaps, they simply ignore the intimate ties…
Debt: the Apocalypse won’t happen
September 15, 2025Collective hysteria about debt is dangerous. More perilous even than debt itself. It reflects a profound misunderstanding of the nature and scale of public debt. Is France sinking inexorably into a “debt swamp”? Will its €3.3 trillion in gross public debt drive it to the edge of the abyss? Is it condemned to drastic budget…
Best seller in Lebanon
September 8, 2025Many thanks to Librairie Antoine in Lebanon, where Une jeunesse levantine has just moved up from 10th place in August to 5th place today among the bestsellers! https://www.lorientlejour.com/article/1472488/meilleures-ventes-du-mois-a-la-librairie-antoine-36.html https://www.lorientlejour.com/article/1475990/meilleures-ventes-du-mois-a-la-librairie-antoine-37.html I’ll be happy to see you there tomorrow, Tuesday the 9th, from 6 to 8 p.m.!
Destabilizing the Fed: Trump Is Right
August 30, 2025The independence of central banks is destined to become a relic of the past. It is certainly the successive blows, increasingly frequent, of the President of the United States that threaten it. But in fact, they have only themselves to blame: it is their own actions that now drive governments to this major reassessment. Keynes…
China : the next silent Black Swan ?
August 27, 2025Trade between the U.S. and China has collapsed to its lowest point in nearly 20 years. Imports from China just hit a 19-year low, and U.S. exports to China are sliding too. Tariffs, decoupling, and weaker demand are crushing the flow of goods. You are cordially invited to visit me at the Monaco…
What central banks owe to Marx
August 23, 2025«The centralization of credit in the hands of the State, through a national bank and an exclusive monopoly.» You have recognized this quote from Karl Marx appears in «The Communist Manifesto» (Chapter II, 1848), where the author lists the economic measures aimed at transforming capitalist society into a socialist society. Marx explains there that…
Brussels is a Jellyfish
August 18, 2025The Americans and the Russians, as we know, are great predators. By abandoning Ukraine live on air, those who still place their hopes in it must recognize the factual reality: the European Union is nothing more than an invertebrate. Examples of invertebrates: Insects (ants, butterflies, flies) Arachnids (spiders) Mollusks (snails, octopuses, squids) Crustaceans (crabs, shrimp,…
The wars of my youth
August 5, 2025Photo taken in 1976, when I was a member of the “Guardians of the Cedars” in Lebanon —————————————————————————————————————————————- Testimony from a reader received yesterday: Mr. Michel Santi, I would like to warmly congratulate you on your book, which I recently had the pleasure of reading. I was deeply moved by the richness of your memories,…
Cash is king, industry lies in ruins
August 1, 2025Financialization has gutted America’s industrial base. American corporations? They’ve become cash machines for shareholders, with 90 to 95% of profits redistributed to them over the past 30 years. All that’s left for resilience and competitiveness? Pennies. Deindustrialized America — a dividend paradise
No celebration for Switzerland this August 1st
July 26, 2025Switzerland celebrates its National Day on August 1st, but this year’s festivities will be overshadowed by the imposition of arbitrarily fixed 31% U.S. tariffs—punitive measures that are both harsh and difficult for the Swiss to understand, especially as they have consistently followed the rules of globalization with elegance and restraint. The Context First According to…
Not All Debts Will Be Repaid
July 20, 2025History is doomed to repeat itself. Since the dawn of time, the enrichment of some has always come at the expense of others. Inequality is often described as a quasi-mechanical side effect of prosperity and innovation, which are nonetheless supposed to benefit the whole community. Yet these advances usually come at the cost of the…
The European flaw
July 17, 2025The level of American household debt is at its lowest in 50 years. But how is this possible, you might ask, in an alarmist context where politicians and analysts keep sowing panic about the unsustainability of U.S. deficits? The equation is simple, and I’ve been emphasizing it for years: public deficits generate private surpluses. In…
Germany has everything to lose
July 14, 2025It’s Germany that has the most to lose from the 30% tariffs imposed by the USA: just look at its gigantic trade surplus with Trumpian lands. For at least 20 years—through hundreds of articles, countless conferences, and interviews—I have been warning: Europe must not give in to German pressure, which seeks to turn it into…
The Abraham Divide
July 11, 2025November 2025 – Syria officially signs the Abraham Accords during a high-profile ceremony in Washington. Under the patronage of President Trump, the concessions are mutual: Israel grants limited economic rights over the Golan Heights, while Syria agrees to normalize diplomatic and commercial relations with its neighbor. The United States lifts sanctions imposed under the Caesar…
Turkey, Sick Man of the World
July 6, 2025Some leaders – including some of the world’s most experienced – still haven’t understood that political maneuvering and intimidation almost always degenerate into macroeconomic disasters. What was initially just meant to sideline a political opponent immediately turned into investor panic and a financial hemorrhage. A textbook case of how to methodically and deliberately destroy what…
Israel’s Economic Resilience – Even Under Fire?
July 4, 2025The TA-35 index, which tracks the 35 largest companies listed on the Tel Aviv Stock Exchange, surpassed the 3,000-point mark for the first time on July 3, 2025—an increase of 17% since the beginning of the year. The broader TA-125 index has risen by 20.3% over the same period, outperforming major global benchmarks such as…
Perfect storm in the land of tsunamis
June 30, 2025The Bank of Japan (BOJ) is teetering on the edge of a financial abyss. As of March 31, 2025, it holds ¥575.9 trillion (US$3.97 trillion) in Japanese Government Bonds (JGBs), representing 52% of Japan’s total public debt. For years, its massive bond-buying program—part of an ultra-loose monetary policy—flooded the economy with liquidity, keeping yields…
What Imam Khomeini had confided to Michel Santi
June 29, 2025A Levantine Youth is more than a testimony: it is a dizzying meditation on sacred violence, the reversal of alliances, and the tragedy of the 20th-century Middle East. A literary and well-documented book, at the crossroads of political novel, personal diary, and geopolitical confession. It probes, with rare acuity, our relationship to power, religion, deception,…
The exemplary Swiss case
June 26, 2025In about fifteen years, the Swiss franc has soared by over 25% against the euro… without decimating the Swiss economy. Quite the opposite, in fact, as its industrial output has even increased by 40%, while Europe is faltering
What Khomeini Told Me
June 22, 2025Khomeini was a gentle man. His gaze was always of indisputable kindness toward me—almost paternal, never intimidating. His face bore regular, harmonious, almost feminine features. I perceived a refined, elegant person, the opposite of obscurantism. In fact, he even smelled good, as if he had put on perfume. A mystic stood before me, a theologian…
Trump the Mastermind
June 21, 2025Russia managed to outplay Trump: no ceasefire. China managed to outplay Trump: no serious concessions on tariffs. Iran — whose ancestors invented the game of chess — will outplay Trump. The tactic is simple: Just resist, stand firm, ignore the threats … especially when only 23% of Americans can locate Iran on a map.
The Fed’s Blueprint for Economic Self-Destruction
June 16, 2025The Federal Reserve (Fed) has launched its quantitative tightening (QT) this June, aiming to reduce its $9 trillion balance sheet at an unprecedented pace of $95 billion per month. Amid the ongoing tariff wars and geopolitical dramas, few are paying attention to the actions of the U.S. central bank – and understandably so. Still, this…
IRAN
June 13, 2025On May 15 and 27, I published these two analyses on Iran. I explained why the Iranian clergy will remain uncompromising on the issue of nuclear power. As a reminder, I met Imam Khomeini twice, during which he confided in me about his ambition to establish the hegemony of his Islamic Republic over the Middle…
France in mourning for its millionaires!
June 9, 2025Capgemini’s World Wealth Report 2025 announces it: France is in mourning for its millionaires! Our country had 21,000 fewer millionaires in 2024, while the United States gained 562,000 more over the same period. What is happening on this land called France, whose stock market was the only one in the world to plummet last year…
Confession of an Ordinary Monster
June 6, 2025A hybrid tale, where the threads of family are tightly woven with the tremors of History — the Lebanese civil war, the surge of Palestinian nationalism, Syria’s ghostly maneuvers — this narrative follows in the footsteps of civil war chronicles, echoing the voices of Ziad Doueiri and Amin Maalouf. Yet Santi carves his own path,…
The incredible youth of a Geneva financier
June 5, 2025L’Orient le Jour – Lebanon And “The incredible youth of a Geneva financier” L’incroyable jeunesse d’un financier genevois – Le Journal de l’Immobilier SOCIéTé – Géopolitique orientale “A must-read to understand the Middle East — past and present — through the eyes of a remarkable witness.” Buy it: France: FNAC Switzerland: PAYOT Lebanon: ANTOINE Canada: Les Libraires AMAZON…
Do you remember ?
June 4, 2025Iranian Supreme Leader Ali Khamenei rejects the recent U.S. nuclear offer, calling it a threat to the regime’s “national independence.” In a speech on the 36 anniversary of the death of Ruhollah Khomeini, Khamenei today said: “Who are you to tell Tehran whether we should have a nuclear programme or not? The U.S. nuclear…
Europe: Out of Love
June 3, 2025The election of the nationalist Nawrocki in Poland? … even though the country is experiencing full employment and Poland is the largest beneficiary of European aid? Yes, indeed! A thriving economy is no longer a political life insurance. We must come to terms with the fact that Western Europe — hesitant and technocratic — acts…
France: The Price of Inaction
June 2, 2025The debate over sovereign debt can no longer ignore this simple truth: that a debt is sustainable only in an economy capable of growing and modernizing. Nothing is more credible than a country that invests to avoid decline. Moreover, privileging the quality of spending rather than being eternally fixated on numerical targets makes it possible…
Iran: A Nuclear Heart and Soul
May 28, 2025Oil revenues account for 40 to 50% of Iran’s budget income and 80 to 90% of its export earnings. The country is once again facing an existential threat, as the U.S. President’s aggressive stance on tariffs has led to a roughly 20% drop in oil prices this year so far. This has significantly intensified the…
29th among the bestsellers
May 26, 2025My Levantine Youth is ranked 29th in the History, Current Affairs, and Politics bestseller list! Histoire, actualité, politique – Les meilleures ventes du moment Histoire, actualité, politique : le classement des meilleures ventes de livres du moment – Livres neufs ou d’occasion – Les Best-sellers du moment Feel free to tell others about…
Trump Cracks
May 23, 2025A President: Who dictates his will to a company — and not just any company — telling it how to make its products. Who decrees 50% tariffs against the EU, the world’s largest economic bloc. The U.S. Congress must regain control!
My Interview with Radio Courtoisie
May 23, 2025Listen to my key points in this interview given on the occasion of the publication of my book ‘A Levantine Youth’. “Those who know the foundations of the Quran understand that a whole movement within the Muslim Brotherhood seeks to return to authentic Islam. And we must be aware of this! Secularism is a completely…
In the Land of the Rising Sun, 日本
May 20, 2025The Japanese bond market is imploding! The country now has to borrow at rates that represent a historical low point for it. With public debt reaching… 260% of its GDP, the good times when Japan could finance itself at low cost are now over. Prime Minister Ishiba describes the country’s situation as “worse than Greece’s.”…
Leo XIV, Donald Trump, and the Invisible Hand
May 19, 2025May 15, 1891. Leo XIII: the Catholic Church dives headfirst into the economic arena. Rerum novarum (“Of New Things”) is a theological uppercut against socialism, a fiery response to the shockwaves of the Industrial Revolution. In it, the pope smashes the idea of collectivism trampling private property, and declares the Church’s allegiance to the market…
India–Pakistan: A Geopolitical Wake-Up Call
May 18, 2025China has replaced the United States as the main arms exporter to Pakistan. As early as 2021, Pakistan integrated the Chinese long-range surface-to-air missile system HQ-9P into its air defense network. Although China accounts for only 5.9% of the global arms export market, 63% of its sales are nonetheless destined for Pakistan.81% of Pakistan’s…
Ali Khamenei : A fragile legitimacy
May 15, 2025Preamble The analysis that follows, centered on the figure of Ali Khamenei, reveals a fundamental truth: Iran’s nuclear program transcends mere geopolitical strategy to root itself in a deeply personal and ideological quest. Marked by a deficit of religious legitimacy since his rise to power in 1989, Khamenei has made the nuclear program a symbol…
First foreign official visits of US Presidents
May 14, 2025First foreign official visits of US Presidents: • Kennedy: Canada • Johnson: Canada • Nixon: Belgium • Ford: Mexico • Carter: UK • Reagan (term 1 ): Canada • Reagan (term 2): Canada • H. W. Bush: Canada • Clinton (term 1): Canada • Clinton (term 2): Finland • W. Bush (term 1): Mexico…
Hail the sacred neoliberal — the end is nigh
May 12, 2025Chinese surpluses are not eternal. Just as neoliberalism is not immutable. Even though nearly all economists, analysts, and journalists would cry out in outrage whenever a rare few like myself dared to question it. It was the absolute dogma, an irresistible force, a determinism that imposed a heavy, long-term continuity — against all odds. Jürgen…
The perfect illustration of the human comedy. Of the human tragedy.
May 9, 2025In September 1975, a 12-year-old boy accompanies a Saudi prince—destined to become the King of Saudi Arabia—to Mecca, a place forbidden to non-Muslims. “After all these years, I’m still moved by what I saw there in terms of devotion and what I experienced in terms of human solidarity.” This spiritual moment contrasts sharply with…
India-Pakistan: behind the scenes, another confrontation
May 7, 2025Pakistan has been reduced to publicly issuing nuclear threats, while its diplomacy is actively seeking conciliation with India, the world’s fourth-largest power. In the context of its long-standing conflict with India — dating back to 1947 — Pakistan is almost militarily depleted, having exported around $400 million worth of 155 mm shells and 122 mm…
Hey, Mr. Trump
May 4, 2025In yesterday’s world, the dominance of the dollar amounted to a Faustian dilemma: the United States could indeed finance itself cheaply, but at the cost of dependence on foreign entities, ultimately leading to its decline. A traditional definition of a reserve currency is that the country issuing it must run a balance of payments deficit.…
April 13, 1975: The Fuse Was Lit
April 30, 2025A bus triggers a war in Lebanon and changes the fate of a 12-year-old boy. A Levantine youth reveals a Middle East in flames through an intimate lens.Releases on May 7. Seven and a half years during which my destiny collides head-on with History. Buy it: in France: FNAC in Switzerland: PAYOT in Lebanon: ANTOINE…