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…
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…