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…
Central Banks: The New Weak Link in Our System?
February 22, 2025The European Central Bank announces a loss, the largest since its creation, of 8.3 billion euros for the 2024 fiscal year. By choice, or by lack of rigor, it has paid to banks interest rates far too high in relation to the returns on the various bonds that it holds. At the current stage we…
The Debt: Great Absentee of the American Electoral Campaign
October 20, 2024To solve a problem, you must first acknowledge its existence. The American debt, which has reached $35,769,084,471,524 in October 2024, does not concern either of the current U.S. presidential candidates. In fact, the word “debt” has not been mentioned even once in the debate between them. It is also absent from the official…
The Age of Barbarians
March 15, 2024How can we forget the cult British series from the 60s, The Prisoner, where a terrifying bubble relentlessly pursued the hero played by the charismatic Patrick McGoohan? Our world finds itself in a similar situation because we are now all hostages to bubbles. From the bubble that isolates the rulers, to the bubble of the…
UBS + CS = ?
March 19, 2023We live in a great time when Credit Suisse is about to be sold to UBS at 1 billion, when its market capitalization exceeded 90 billion in 2007! In 2022 alone, CS’s stock has collapsed by 75%. This is the period of wild sales because 1 billion would be paid by…
Euthanasia of the rentiers ?
November 12, 2022Hope is that inflation has peaked but…inflation is the solution. After a long period in which the opposite has been true, perhaps it is the easiest and maybe even fairest way forward. If we’re to get rid of the massive piles of debt our economies piled up, then we need inflation and nominal growth…