{"id":13527,"date":"2015-04-24T00:00:00","date_gmt":"2015-04-23T22:00:00","guid":{"rendered":"https:\/\/michelsanti.blog\/misery-and-opulence\/"},"modified":"2018-10-17T17:39:39","modified_gmt":"2018-10-17T15:39:39","slug":"misery-and-opulence","status":"publish","type":"page","link":"https:\/\/michelsanti.fr\/en\/misery-and-opulence","title":{"rendered":"Misery and opulence"},"content":{"rendered":"

\"unnamed\"<\/a><\/p>\n

Misery and opulence<\/p>\n

A chronicle of global austerity<\/em><\/p>\n

In its current form, the European single currency is an economic schizophrenia vector machine, which creates unemployment and inequality. The Euro is decidedly no longer the symbol of European unity! Without a doubt, the Euro\u2019s founding fathers made a very unfortunate mistake in choosing a currency – money! – as a symbol of the European Union. Forget about flexibility within this Union. The European citizen has neither requested this colossal aggregate public debt nor is it responsible for it.<\/p>\n

It is not social spending that bears the guilt of having created our budgets deficits. Rather, it is the multiple bank bailouts of institutions, which had amassed fortunes by the grace of finance-driven economies. The credit explosion they fueled was responsible for anesthetizing a European population whose income was inversely proportional to the productivity of their businesses. Europeans: did you really want this debt? Are you even aware that this debate on austerity is the modern version of a class struggle?<\/p>\n

Preface kindly written by Romaric Godin, Editor-in-Chief of “La Tribune”.<\/p>\n

 <\/p>\n

 <\/p>\n

You can order the book directly from your local bookstore or on the web at Harmattan editions<\/a>, the Fnac website<\/a> or on Amazon.com<\/a>.<\/p>\n

Book published on 12\/30\/2014
\nISBN: 2343053324
\nEAN: 978-2343053325<\/p>\n","protected":false},"excerpt":{"rendered":"

Misery and opulence A chronicle of global austerity In its current form, the European single currency is an economic schizophrenia vector machine, which creates unemployment and inequality. The Euro is decidedly no longer the symbol of European unity! Without a doubt, the Euro\u2019s founding fathers made a very unfortunate mistake in choosing a currency –…<\/p>\n","protected":false},"author":4,"featured_media":13528,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"give_campaign_id":0,"_crdt_document":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"jetpack_post_was_ever_published":false,"footnotes":""},"class_list":["post-13527","page","type-page","status-publish","has-post-thumbnail","hentry"],"yoast_head":"\nMisery and opulence - Michel Santi<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/michelsanti.fr\/en\/misery-and-opulence\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Misery and opulence - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"Misery and opulence A chronicle of global austerity In its current form, the European single currency is an economic schizophrenia vector machine, which creates unemployment and inequality. The Euro is decidedly no longer the symbol of European unity! Without a doubt, the Euro\u2019s founding fathers made a very unfortunate mistake in choosing a currency –…\" \/>\n<meta property=\"og:url\" content=\"https:\/\/michelsanti.fr\/en\/misery-and-opulence\" \/>\n<meta property=\"og:site_name\" content=\"Michel Santi\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/michel.santi.economiste\" \/>\n<meta property=\"article:modified_time\" content=\"2018-10-17T15:39:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i1.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/unnamed-e1421509810572.jpg?fit=200%2C327&ssl=1\" \/>\n\t<meta property=\"og:image:width\" content=\"200\" \/>\n\t<meta property=\"og:image:height\" content=\"327\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@michelsanti1\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/michelsanti.fr\/en\/misery-and-opulence\",\"url\":\"https:\/\/michelsanti.fr\/en\/misery-and-opulence\",\"name\":\"Misery and opulence - Michel Santi\",\"isPartOf\":{\"@id\":\"https:\/\/michelsanti.fr\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/michelsanti.fr\/en\/misery-and-opulence#primaryimage\"},\"image\":{\"@id\":\"https:\/\/michelsanti.fr\/en\/misery-and-opulence#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/unnamed-e1421509810572.jpg?fit=200%2C327&ssl=1\",\"datePublished\":\"2015-04-23T22:00:00+00:00\",\"dateModified\":\"2018-10-17T15:39:39+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/michelsanti.fr\/en\/misery-and-opulence#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/michelsanti.fr\/en\/misery-and-opulence\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/michelsanti.fr\/en\/misery-and-opulence#primaryimage\",\"url\":\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/unnamed-e1421509810572.jpg?fit=200%2C327&ssl=1\",\"contentUrl\":\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/unnamed-e1421509810572.jpg?fit=200%2C327&ssl=1\",\"width\":200,\"height\":327},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/michelsanti.fr\/en\/misery-and-opulence#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\/\/michelsanti.fr\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Misery and opulence\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/michelsanti.fr\/#website\",\"url\":\"https:\/\/michelsanti.fr\/\",\"name\":\"Michel Santi\",\"description\":\"\\\"It is not because things are difficult that we do not dare. It is because we do not dare that they seem difficult\\\", Seneca the Younger\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/michelsanti.fr\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Misery and opulence - Michel Santi","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/michelsanti.fr\/en\/misery-and-opulence","og_locale":"en_US","og_type":"article","og_title":"Misery and opulence - Michel Santi","og_description":"Misery and opulence A chronicle of global austerity In its current form, the European single currency is an economic schizophrenia vector machine, which creates unemployment and inequality. The Euro is decidedly no longer the symbol of European unity! Without a doubt, the Euro\u2019s founding fathers made a very unfortunate mistake in choosing a currency –…","og_url":"https:\/\/michelsanti.fr\/en\/misery-and-opulence","og_site_name":"Michel Santi","article_publisher":"https:\/\/www.facebook.com\/michel.santi.economiste","article_modified_time":"2018-10-17T15:39:39+00:00","og_image":[{"width":200,"height":327,"url":"https:\/\/i1.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/unnamed-e1421509810572.jpg?fit=200%2C327&ssl=1","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@michelsanti1","twitter_misc":{"Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/michelsanti.fr\/en\/misery-and-opulence","url":"https:\/\/michelsanti.fr\/en\/misery-and-opulence","name":"Misery and opulence - Michel Santi","isPartOf":{"@id":"https:\/\/michelsanti.fr\/#website"},"primaryImageOfPage":{"@id":"https:\/\/michelsanti.fr\/en\/misery-and-opulence#primaryimage"},"image":{"@id":"https:\/\/michelsanti.fr\/en\/misery-and-opulence#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/unnamed-e1421509810572.jpg?fit=200%2C327&ssl=1","datePublished":"2015-04-23T22:00:00+00:00","dateModified":"2018-10-17T15:39:39+00:00","breadcrumb":{"@id":"https:\/\/michelsanti.fr\/en\/misery-and-opulence#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/michelsanti.fr\/en\/misery-and-opulence"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/michelsanti.fr\/en\/misery-and-opulence#primaryimage","url":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/unnamed-e1421509810572.jpg?fit=200%2C327&ssl=1","contentUrl":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/unnamed-e1421509810572.jpg?fit=200%2C327&ssl=1","width":200,"height":327},{"@type":"BreadcrumbList","@id":"https:\/\/michelsanti.fr\/en\/misery-and-opulence#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/michelsanti.fr\/"},{"@type":"ListItem","position":2,"name":"Misery and opulence"}]},{"@type":"WebSite","@id":"https:\/\/michelsanti.fr\/#website","url":"https:\/\/michelsanti.fr\/","name":"Michel Santi","description":"\"It is not because things are difficult that we do not dare. It is because we do not dare that they seem difficult\", Seneca the Younger","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/michelsanti.fr\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"campaignId":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/PagvtB-3wb","jetpack_likes_enabled":true,"jetpack-related-posts":[{"id":5874,"url":"https:\/\/michelsanti.fr\/en\/misery-and-opulence","url_meta":{"origin":13527,"position":0},"title":"Misery and opulence","author":"kerlia","date":"April 24, 2015","format":false,"excerpt":"\u00a0 \u00a0 Misery and opulence A chronicle of global austerity In its current form, the European single currency is an economic schizophrenia vector machine, which creates unemployment and inequality. The Euro is decidedly no longer the symbol of European unity! Without a doubt, the Euro\u2019s founding fathers made a very\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"mis\u00e8re et opulence","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/mis%C3%A8re-et-opulence-2-184x300.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":13510,"url":"https:\/\/michelsanti.fr\/en\/splendors-and-miseries-of-economic-conservatism","url_meta":{"origin":13527,"position":1},"title":"Splendors and Miseries of mainstream economics","author":"Michel Santi","date":"April 22, 2015","format":false,"excerpt":"This book is the result of my professional experience and personal journey through the intricacies of my profession. I wish to present answers, with the dual objective of restoring economic growth and breaking free from the grip of the financial markets. Understanding the market\u2019s mechanisms is crucial in order to\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/splendeurs-et-miseres-du-liberalisme-e1348420571910.jpg?fit=393%2C600&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":24026,"url":"https:\/\/michelsanti.fr\/en\/end-game","url_meta":{"origin":13527,"position":2},"title":"End game ?","author":"Michel Santi","date":"February 12, 2023","format":false,"excerpt":"\u00a0 The gold standard was a system where the currency of a country was linked to gold and which could materialize either by defining a certain quantity of metal in exchange for the American dollar, or indirectly through currencies having a fixed parity against the greenback. As early as 1944\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/creation-monetaire.png?fit=1200%2C678&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/creation-monetaire.png?fit=1200%2C678&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/creation-monetaire.png?fit=1200%2C678&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/creation-monetaire.png?fit=1200%2C678&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/creation-monetaire.png?fit=1200%2C678&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":13536,"url":"https:\/\/michelsanti.fr\/en\/europe-chronicle-of-a-political-and-economic-fiasco","url_meta":{"origin":13527,"position":3},"title":"Europe, chronicle of a political and economic fiasco","author":"Michel Santi","date":"May 10, 2015","format":false,"excerpt":"Excerpted from the book preface generously written by Christine Kerdellant,\u00a0Assistant Managing Editor of \u2018L'Express\u2019, Managing Editor of \u2018L'Expansion\u2019: \u2018\u2019 The \u2018doctrine-slayer\u2019 Michel Santi is not an economist like all the others. It starts\u00a0with his career. Unlike his colleagues, he has not learned life from textbooks and\u00a0econometric models. He has not\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/livre3.jpg?fit=729%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/livre3.jpg?fit=729%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/livre3.jpg?fit=729%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/livre3.jpg?fit=729%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13537,"url":"https:\/\/michelsanti.fr\/en\/capitalisme-entre-adultes-consentants","url_meta":{"origin":13527,"position":4},"title":"Pour un capitalisme entre adultes consentants","author":"Michel Santi","date":"February 28, 2017","format":false,"excerpt":"What a shame it is that politicians aren\u2019t historians too! And that it is regrettable for all of us that they aren\u2019t looking back to the year 1931 \u2013 a tragedy, among other things \u2013 in order to draw parallels and precious lessons for today. Let\u2019s remember the bankruptcy of\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.blog\/wp-content\/uploads\/2018\/10\/PourUnCapitalismeEntreAdultesConsentants.gif?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":22941,"url":"https:\/\/michelsanti.fr\/en\/about-me-2","url_meta":{"origin":13527,"position":5},"title":"About me","author":"arthur.asca","date":"September 3, 2022","format":false,"excerpt":"Michel Santi is a French-Swiss economist, financier, writer, advisor to central banks and sovereign funds. For several years, he was a Professor of Finance in Geneva, Switzerland, a member of the World Economic Forum, the IFRI and a qualified (founding) member of the NGO \u201cFinance Watch\u201d. Born in Beirut, Lebanon,\u2026","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/pages\/13527","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/comments?post=13527"}],"version-history":[{"count":0,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/pages\/13527\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/13528"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=13527"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}