The unsustainable nonchalance of the elites

June 28, 2016 0

Who had predicted or foreseen such a result of this British referendum? Of course, much ink was penned over the last few weeks warning of the consequences and advising caution with regards to reactions from citizens fed up with the technocrats imbued with power and the politicians hooked on it. You see, the status quo…

By Michel Santi

Brexit, now that’s democracy

June 21, 2016 0

Brexit is not just an electoral consultation that will decide on Britain’s potential departure from the Union. The issues are far more serious – and critical for some – than the relatively by-the-by stance of a country that has never really brought Europe together. Despite what has been stigmatised by the Remain campaign, Brexit is…

By Michel Santi

Capitalism: soon to be a barbaric relic?

June 6, 2016 0

“The great struggles of the twentieth century between liberty and totalitarianism ended with a decisive victory for the forces of freedom—and a single sustainable model for national success: freedom, democracy, and free enterprise. In the twenty-first century, only nations that share a commitment to protecting basic human rights and guaranteeing political and economic freedom will…

By Michel Santi

Overcoming the German autocracy

May 29, 2016 0

German households and businesses are clearly creditors and in surplus with regards to countries abroad. As for the German government, its objective is to clear its public debt and run a budget surplus. So why would it now trouble itself with the endemic deceleration of the country’s domestic investment, which has been induced directly by…

By Michel Santi

The central bank of the 21st century

May 10, 2016 0

Central banks hold the key to our economic recovery since they can afford to create money in unlimited quantities, without ever fearing bankruptcy. While they don’t do it deliberately to relaunch growth, it is true that – in their defense – they weren’t founded to regulate public consumption. Their raison d’être has historically been to…

By Michel Santi

Uberising monetary creation

April 30, 2016 0

How can we break free from the dominant ideology which asserts that States are capable of budgetary discipline only if they have to finance themselves via financial markets? Neoliberalism teaches us that market sanctions on lax nations will be exercised in the form of higher interest rates, meant to put spendthrifts back on the right…

By Michel Santi

Something’s got to give

April 21, 2016 0

The secular stagnation that is infecting our economies brings with it the germs of instability and financial torment. Since interest rates and monetary creation are the only weapons still at the disposal of the only public institutions that still wield some sort of power in our modern world, their initiation with a view to relaunching…

By Michel Santi

When real estate threatens growth

April 13, 2016 0

It’s not a coincidence if real estate prices – relatively stable up until now – suffered unhealthy volatility at the dawn of the 1990s. This phenomenon was the direct consequence of integrating the banking and financial systems together because deregulation and innovations such as securitisation intensified the flow of cross-border and transcontinental capital, thus inducing…

By Michel Santi

Choose your poison

April 7, 2016 0

“The essence of secular stagnation: sick recoveries which die in their infancy and depressions which feed on themselves and leave a hard and seemingly immovable core of unemployment.” It is in these terms that the father of secular stagnation, Alvin Hansen, described to the American Economic Association the economic climate of 1938…which could just as…

By Michel Santi

Life beyond capitalism

March 21, 2016 0

The economy is no longer a job supplier. This paradigm has now come to pass because, in the era of globalisation and the financialisation of our economies, growth no longer goes hand in hand with honourable and fairly paid work but for a minority. The subprime crisis came about fundamentally due to huge loans given…

By Michel Santi