{"id":20118,"date":"2020-03-23T16:09:36","date_gmt":"2020-03-23T15:09:36","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=20118"},"modified":"2020-03-23T16:15:30","modified_gmt":"2020-03-23T15:15:30","slug":"turning-the-tables-after-the-virus","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/coronavirus-2\/turning-the-tables-after-the-virus","title":{"rendered":"Turning the tables after the virus"},"content":{"rendered":"<p><img data-recalc-dims=\"1\" decoding=\"async\" data-attachment-id=\"20114\" data-permalink=\"https:\/\/michelsanti.fr\/en\/coronavirus-2\/turning-the-tables-after-the-virus\/attachment\/revolution-2\" data-orig-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/03\/R%C3%A9volution.png?fit=1816%2C654&amp;ssl=1\" data-orig-size=\"1816,654\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"R\u00e9volution\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/03\/R%C3%A9volution.png?fit=300%2C108&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/03\/R%C3%A9volution.png?fit=1024%2C369&amp;ssl=1\" class=\"alignnone size-medium wp-image-20114\" src=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/03\/R%C3%A9volution.png?resize=300%2C108&#038;ssl=1\" alt=\"\" width=\"300\" height=\"108\" srcset=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/03\/R%C3%A9volution.png?resize=300%2C108&amp;ssl=1 300w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/03\/R%C3%A9volution.png?resize=1024%2C369&amp;ssl=1 1024w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/03\/R%C3%A9volution.png?resize=768%2C277&amp;ssl=1 768w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/03\/R%C3%A9volution.png?resize=1536%2C553&amp;ssl=1 1536w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/03\/R%C3%A9volution.png?resize=1200%2C432&amp;ssl=1 1200w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/03\/R%C3%A9volution.png?w=1816&amp;ssl=1 1816w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>Thanks to this crisis, our duty is to rebuild society on a solid basis, as well as making deep reforms to financial markets and getting rid once and for all of their intrinsic ability to cause harm. Because, once again and in quite the same vein, the economic and financial crash that is unfolding in front of our eyes this month of March 2020 is shedding a light on the asymmetry between the happy few who are time after time the beneficiaries of financial gifts, and ordinary men and women who have to struggle to feed their families in this time when their incomes are at risk.<!--more--><\/p>\n<p>The same goes for this social distancing that has been quite justifiably advocated by our authorities and that, for me, is representative of the very deep fracture in our current society. It is essential to know that financial markets have been practising it \u2013 this social distancing \u2013 for many years because it\u2019s now been about thirty years that the stock markets \u2013 once an indispensable and exuberant place of meeting for bankers, brokers and investors \u2013 are now merely calm, meek, stale spaces. Finance is thus ready to live for a long time in the company of the coronavirus, while at the same time 70 million refugees crammed into camps across the globe wait with resignation to get infected.<\/p>\n<p>Finance has basically become a deadweight that is dragging society downwards, an example of which being that infamous company called Boeing that has spent three quarters of its liquidities on buying back its own shares on the stock market, and whose consequent and excessive weakness in a time of deep crisis like today\u2019s becomes a global problem. When the fate of many companies throughout the world is in the hands of megalomaniacs who have greatly privileged financial engineering instead of creating wealth (which is by the way the ultimate goal of finance meant to benefit the collective), the major companies in the world have in these last few years indebted themselves in the way of <a href=\"https:\/\/www.oecd.org\/corporate\/corporate-bond-debt-continues-to-pile-up.htm\">13.5 trillion $<\/a> to buy back their own shares instead of investing in production facilities and the training of their staff.<\/p>\n<p>In summary, we haven\u2019t learned anything from 2008 and have even worsened our exposure, and exacerbated our risks, so much so that this extreme vulnerability is now infecting even the poorest members of our society. This is why the responses and programmes \u2013 while vigorous \u2013 that have been announced these last few days by Europe and the United States are barely appropriate because this interventionism does not assuage society\u2019s legitimate preoccupations and worries. I dare to be the spokesman of an overwhelming majority of \u201cordinary\u201d citizens by affirming that we will accept suffering this acute and unprecedented crisis (once again!) on the sole condition that our system\u2019s structural and substantive vices are immediately put right.<\/p>\n<p>May the statesmen and women who have enough moral fibre to reject the economy and finance continuing to reign as supreme leaders, while society is bound to follow them with servility, come out of the shadows. The economic catastrophe that is lying in unavoidable wait for us is making us ask the right questions, and is making demands for a deep cleansing. May this virus be thanked for it, and win the Nobel prize for economics, if it causes us all to mobilise.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Thanks to this crisis, our duty is to rebuild society on a solid basis, as well as making deep reforms to financial markets and getting rid once and for all of their intrinsic ability to cause harm. Because, once again and in quite the same vein, the economic and financial crash that is unfolding&hellip;<\/p>\n","protected":false},"author":4,"featured_media":20114,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","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,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"mc4wp_mailchimp_campaign":[],"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false},"categories":[648941701,648941284],"tags":[],"class_list":["post-20118","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-coronavirus-2","category-inequality"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.1.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Turning the tables after the virus - 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\/coronavirus-2\/turning-the-tables-after-the-virus\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Turning the tables after the virus - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"&nbsp; Thanks to this crisis, our duty is to rebuild society on a solid basis, as well as making deep reforms to financial markets and getting rid once and for all of their intrinsic ability to cause harm. 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Haven\u2019t you noticed how the bosses of small businesses are ruthlessly pursued \u2013 sometimes to the point of harassment \u2013 while criminal justice scrambles to find legal justifications and motives when\u2026","rel":"","context":"In &quot;capitalism&quot;","block_context":{"text":"capitalism","link":"https:\/\/michelsanti.fr\/en\/category\/capitalism"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.blog\/wp-content\/uploads\/2018\/10\/statue-of-liberty-crying315.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":19234,"url":"https:\/\/michelsanti.fr\/en\/islamic-finance\/would-the-west-accept-being-saved-by-islamic-finance","url_meta":{"origin":20118,"position":1},"title":"Would the West accept being saved by Islamic finance?","author":"Michel Santi","date":"January 19, 2019","format":false,"excerpt":"The Nobel prize winner for economics, Eugene Fama, born in 1939 and one of the fathers of monetarism and the neoliberal ideology, is known for having pre-emptively asserted that \u201cthe idea of efficient markets is a simple assertion that states that the prices of securities and assets reflect all the\u2026","rel":"","context":"In &quot;Gresham&quot;","block_context":{"text":"Gresham","link":"https:\/\/michelsanti.fr\/en\/category\/gresham-2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/01\/march%C3%A9s.jpg?fit=416%2C283&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":13684,"url":"https:\/\/michelsanti.fr\/en\/negative-rate\/if-only-the-right-knew-how-or-the-left-was-able-to","url_meta":{"origin":20118,"position":2},"title":"If only the right knew how, or the left was able to","author":"Michel Santi","date":"February 19, 2016","format":false,"excerpt":"Negative interest rates appear to be incompatible with our current banking system, because it is the banking institutions which have the most difficulty making profits in an environment of negative rates. It is the very fabric of our economy that has again been shaken as our world sinks further and\u2026","rel":"","context":"In &quot;Central Banks&quot;","block_context":{"text":"Central Banks","link":"https:\/\/michelsanti.fr\/en\/category\/central-banks"},"img":{"alt_text":"fork-in-the-road","src":"https:\/\/i0.wp.com\/michelsanti.blog\/wp-content\/uploads\/2018\/10\/fork-in-the-road-225x300.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":13681,"url":"https:\/\/michelsanti.fr\/en\/capitalism\/wall-street-how-to-finish-off-this-vile-beast","url_meta":{"origin":20118,"position":3},"title":"Wall Street: how to finish off this vile beast?","author":"Michel Santi","date":"February 11, 2016","format":false,"excerpt":"What is the deeper, intimate reason for financial crises? How do cracks appear and why do bubbles implode? It is always for a simple and unique reason, which is that irrational and outlandish bets undertaken by the world of finance are done so with borrowed money! In this regard, the\u2026","rel":"","context":"In &quot;capitalism&quot;","block_context":{"text":"capitalism","link":"https:\/\/michelsanti.fr\/en\/category\/capitalism"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/ss-subprime.jpg?fit=792%2C612&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/ss-subprime.jpg?fit=792%2C612&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/ss-subprime.jpg?fit=792%2C612&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/ss-subprime.jpg?fit=792%2C612&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":20614,"url":"https:\/\/michelsanti.fr\/en\/inflation-en\/economists-on-the-verge-of-nervous-breakdown","url_meta":{"origin":20118,"position":4},"title":"Economists on the verge of nervous breakdown","author":"Michel Santi","date":"September 9, 2020","format":false,"excerpt":"\u00a0 Central banks are lost, and central bankers are now blatantly admitting that their tools and other monetary policy instruments used for decades to correct economic cycles no longer work! Yes: they have lost their magic touch, these central banks which are no longer omnipotent, including the most powerful of\u2026","rel":"","context":"In &quot;Inflation&quot;","block_context":{"text":"Inflation","link":"https:\/\/michelsanti.fr\/en\/category\/inflation-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/09\/hyman_minsky.jpg?fit=400%2C314&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":20075,"url":"https:\/\/michelsanti.fr\/en\/stock-market-crack\/saudi-us-pact-reflection-of-a-vulnerable-america","url_meta":{"origin":20118,"position":5},"title":"We, the barbarians","author":"Michel Santi","date":"March 2, 2020","format":false,"excerpt":"\u00a0 Economic science is up for the chop, and the profession has been put on the defensive. Those who imposed austerity during the last great crisis called on what they thought made up the fundamentals of the economy. The rare ones who rejected this stringency pleaded, for their part, for\u2026","rel":"","context":"In &quot;capitalism&quot;","block_context":{"text":"capitalism","link":"https:\/\/michelsanti.fr\/en\/category\/capitalism"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/02\/Reagan-Bush.jpg?fit=1200%2C952&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/02\/Reagan-Bush.jpg?fit=1200%2C952&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/02\/Reagan-Bush.jpg?fit=1200%2C952&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/02\/Reagan-Bush.jpg?fit=1200%2C952&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/02\/Reagan-Bush.jpg?fit=1200%2C952&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/20118","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"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=20118"}],"version-history":[{"count":5,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/20118\/revisions"}],"predecessor-version":[{"id":20123,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/20118\/revisions\/20123"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/20114"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=20118"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=20118"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=20118"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}