{"id":20835,"date":"2020-10-11T20:10:12","date_gmt":"2020-10-11T18:10:12","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=20835"},"modified":"2020-10-11T20:10:12","modified_gmt":"2020-10-11T18:10:12","slug":"taking-on-debt-yes-but-what-for","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/debt\/taking-on-debt-yes-but-what-for","title":{"rendered":"Taking on debt, yes, but what for?"},"content":{"rendered":"<p><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" data-attachment-id=\"20838\" data-permalink=\"https:\/\/michelsanti.fr\/en\/debt\/taking-on-debt-yes-but-what-for\/attachment\/roosevelt-e-keynes\" data-orig-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/10\/Roosevelt-e-Keynes-1.jpg?fit=600%2C400&amp;ssl=1\" data-orig-size=\"600,400\" 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;1396459199&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;1&quot;}\" data-image-title=\"Roosevelt-e-Keynes\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/10\/Roosevelt-e-Keynes-1.jpg?fit=300%2C200&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/10\/Roosevelt-e-Keynes-1.jpg?fit=600%2C400&amp;ssl=1\" class=\"alignnone size-medium wp-image-20838\" src=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/10\/Roosevelt-e-Keynes-1.jpg?resize=300%2C200&#038;ssl=1\" alt=\"\" width=\"300\" height=\"200\" srcset=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/10\/Roosevelt-e-Keynes-1.jpg?resize=300%2C200&amp;ssl=1 300w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/10\/Roosevelt-e-Keynes-1.jpg?resize=272%2C182&amp;ssl=1 272w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/10\/Roosevelt-e-Keynes-1.jpg?w=600&amp;ssl=1 600w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n<p>Following on from Keynes, it\u2019s been years that I\u2019ve been talking about it and outlining the mechanisms. At present, reality is catching up with the \u201cmainstream\u201d economists who with regret have recognised the absolute necessity for governments to deepen their debts in the current recession brought about by the health crisis.<\/p>\n<p>However, while the leaders at the wheel have resigned themselves to widening public deficits, one at least theoretical question must be asked: to what extent can a government take on debt ? In truth, our Western nations have nothing to worry about as long as they are a large, industrialised, modern country with an integrated economy that sufficiently leans towards globalisation, like Japan whose public debt was at 155% of GDP\u2026before the pandemic. It is wise, however, to be extremely careful because a public debt level \u2013 even one far lower than Japan\u2019s \u2013 would become unmanageable, disastrous even, if the debt burden were to get too heavy in the wake of interest rates being recalibrated. Admittedly, the <a href=\"https:\/\/michelsanti.fr\/en\/capitalism\/somethings-got-to-give\">secular stagnation<\/a> (explained at length in a number of my previous analyses) that our world is suffering through does not suggests a short-term upheaval of the current climate of close-to-zero rates to come, but it would be irresponsible for those at the top of governments to ignore this eventuality.<\/p>\n<p>Already nearly a century ago, he who many of our analysts, economist and heads of state have ridiculed \u2013 him being John Maynard Keynes \u2013 wrote an <a href=\"https:\/\/www.nytimes.com\/1933\/12\/31\/archives\/from-keynes-to-roosevelt-our-recovery-plan-assayed-the-british.html\">open letter<\/a> to President Franklin D. Roosevelt in the New York Times on 31 December 1933 in which he explained that transfers of money and tax cuts have next to no positive effect on the economy. Precious reflation in fact requires that the debts contracted by governments be chosen carefully and that they benefit as many people as possible. The ultimate goal is thus not so much to deepen public deficits as it is to manage this borrowed lifeline in and for the public good. If interest rates were again to take the ascent, political leaders couldn\u2019t be criticised for increasing government debt as long as they invested judiciously for the country and its citizens.<em><\/p>\n<p><\/em>At the end of this year 2020, the stabilisation of economies now depends on increased state interventionism in public spending trying to revive our economies. In our current public health emergency, the level of global interest rates offers somewhat of a unique opportunity, and probably the only chance to come out of this unprecedented crisis without too much damage. However, it is crucial to acknowledge one thing: that the quality of debt counts much more than its quantity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Following on from Keynes, it\u2019s been years that I\u2019ve been talking about it and outlining the mechanisms. At present, reality is catching up with the \u201cmainstream\u201d economists who with regret have recognised the absolute necessity for governments to deepen their debts in the current recession brought about by the health crisis. However, while the leaders&hellip;<\/p>\n","protected":false},"author":4,"featured_media":20838,"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":[648941303,648941285],"tags":[],"class_list":["post-20835","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt","category-growth"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Taking on debt, yes, but what for? - 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\/debt\/taking-on-debt-yes-but-what-for\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Taking on debt, yes, but what for? - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"Following on from Keynes, it\u2019s been years that I\u2019ve been talking about it and outlining the mechanisms. 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In the absence of this belief, government action is ineffective or effective for just a minority. This degenerates into \u201cpoverty in the midst of plenty\u201d\u2026","rel":"","context":"In &quot;debt&quot;","block_context":{"text":"debt","link":"https:\/\/michelsanti.fr\/en\/category\/debt"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/04\/debt.png?fit=800%2C639&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/04\/debt.png?fit=800%2C639&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/04\/debt.png?fit=800%2C639&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/04\/debt.png?fit=800%2C639&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13747,"url":"https:\/\/michelsanti.fr\/en\/capitalism\/where-have-the-bankruptcies-of-yesteryear-gone","url_meta":{"origin":20835,"position":1},"title":"Where have the bankruptcies of yesteryear gone?","author":"Michel Santi","date":"June 28, 2017","format":false,"excerpt":"Adam Smith said it: governments never pay back their debts. Owing to the industrialisation, modernisation, and globalisation of economies, the private sector has also joined the public sector in rarely paying back its debts. Throughout the history of governments - and history itself - defaulting on payment was a sort\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\/faillite.jpg?fit=500%2C362&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":19771,"url":"https:\/\/michelsanti.fr\/en\/capitalism\/the-gospel-according-to-saint-money","url_meta":{"origin":20835,"position":2},"title":"The Gospel according to Saint Money","author":"Michel Santi","date":"November 30, 2019","format":false,"excerpt":"\u00a0 It\u2019s a history condemned to repeat itself forever because, since the dawn of time, the enrichment of some has basically always been to the detriment of others. Inequality has often been described by the upper class as an inevitable side effect, systemic almost, of the prosperity and innovation that\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\/2019\/11\/christ_chassant_marchand_temple_.jpg?fit=783%2C600&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/11\/christ_chassant_marchand_temple_.jpg?fit=783%2C600&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/11\/christ_chassant_marchand_temple_.jpg?fit=783%2C600&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/11\/christ_chassant_marchand_temple_.jpg?fit=783%2C600&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":30245,"url":"https:\/\/michelsanti.fr\/en\/capitalism\/debt-the-apocalypse-wont-happen","url_meta":{"origin":20835,"position":3},"title":"Debt: the Apocalypse won\u2019t happen","author":"Michel Santi","date":"September 15, 2025","format":false,"excerpt":"Collective 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 \u201cdebt swamp\u201d? Will its \u20ac3.3 trillion in gross public debt drive it to the edge of the abyss? Is\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\/2025\/09\/Apocapypse-now.jpg?fit=1200%2C672&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/09\/Apocapypse-now.jpg?fit=1200%2C672&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/09\/Apocapypse-now.jpg?fit=1200%2C672&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/09\/Apocapypse-now.jpg?fit=1200%2C672&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/09\/Apocapypse-now.jpg?fit=1200%2C672&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":19340,"url":"https:\/\/michelsanti.fr\/en\/money\/debt-money-sin","url_meta":{"origin":20835,"position":4},"title":"Debt, money, sin","author":"Michel Santi","date":"March 20, 2019","format":false,"excerpt":"\u00a0 The word for \u2018debt\u2019 in German \u2013 to owe money \u2013 is \u2018Schuld\u2019, and it also means \u2018sin\u2019 in this language. This dual meaning also existed in Akkadian in Babylon. In fact, it's a Babylonian sovereign, Hammurabi, who in 1792 BC was the first to set up a veritable\u2026","rel":"","context":"In &quot;Money&quot;","block_context":{"text":"Money","link":"https:\/\/michelsanti.fr\/en\/category\/money"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/03\/Ladetteestpay%C3%A9eTuessauv%C3%A9.jpg?fit=960%2C720&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/03\/Ladetteestpay%C3%A9eTuessauv%C3%A9.jpg?fit=960%2C720&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/03\/Ladetteestpay%C3%A9eTuessauv%C3%A9.jpg?fit=960%2C720&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/03\/Ladetteestpay%C3%A9eTuessauv%C3%A9.jpg?fit=960%2C720&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":30816,"url":"https:\/\/michelsanti.fr\/en\/financial-crisis\/it-would-be-very-unwise-to-pretend-that-nothing-is-happening","url_meta":{"origin":20835,"position":5},"title":"It would be very unwise to pretend that nothing is happening","author":"Michel Santi","date":"December 7, 2025","format":false,"excerpt":"It would be very unwise to pretend that nothing is happening with government bond yields around the world! Japan\u2019s 30-year yield is at 3.37%, a historic record for the country\u2026 and a clear warning of what awaits Western nations that allow their debt levels to spiral. The chart below speaks\u2026","rel":"","context":"In &quot;financial crisis&quot;","block_context":{"text":"financial crisis","link":"https:\/\/michelsanti.fr\/en\/category\/financial-crisis"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/Japon.jpg?fit=1200%2C810&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/Japon.jpg?fit=1200%2C810&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/Japon.jpg?fit=1200%2C810&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/Japon.jpg?fit=1200%2C810&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/Japon.jpg?fit=1200%2C810&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/20835","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=20835"}],"version-history":[{"count":2,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/20835\/revisions"}],"predecessor-version":[{"id":20840,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/20835\/revisions\/20840"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/20838"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=20835"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=20835"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=20835"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}