{"id":24079,"date":"2023-02-26T14:38:06","date_gmt":"2023-02-26T13:38:06","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=24079"},"modified":"2023-02-26T14:38:06","modified_gmt":"2023-02-26T13:38:06","slug":"strategy-of-pain","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/hyperinflation-2\/strategy-of-pain","title":{"rendered":"Strategy of pain"},"content":{"rendered":"<p><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" data-attachment-id=\"24076\" data-permalink=\"https:\/\/michelsanti.fr\/en\/hyperinflation-2\/strategy-of-pain\/attachment\/japan-inflation-2\" data-orig-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/Japan-inflation.png?fit=1533%2C933&amp;ssl=1\" data-orig-size=\"1533,933\" 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=\"Japan inflation\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/Japan-inflation.png?fit=1024%2C623&amp;ssl=1\" class=\"alignnone size-medium wp-image-24076\" src=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/Japan-inflation.png?resize=300%2C183&#038;ssl=1\" alt=\"\" width=\"300\" height=\"183\" srcset=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/Japan-inflation.png?resize=300%2C183&amp;ssl=1 300w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/Japan-inflation.png?resize=1024%2C623&amp;ssl=1 1024w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/Japan-inflation.png?resize=768%2C467&amp;ssl=1 768w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/Japan-inflation.png?resize=1200%2C730&amp;ssl=1 1200w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/Japan-inflation.png?w=1533&amp;ssl=1 1533w\" sizes=\"(max-width: 300px) 100vw, 300px\" \/><\/p>\n<p>&nbsp;<\/p>\n<p>Eurozone supercore inflation is at 6.0% and is by no means peaking.<\/p>\n<p>In Japan, inflation increased by 4.4% in January compared to January 2022: strongest annual inflationary surge since 1981!<\/p>\n<p>In the USA, inflation was at 7% for January, and revised upwards for the 4th quarter of 2022.<\/p>\n<p>Very disturbing, these figures show that central banks have made much less progress than expected.<\/p>\n<p>If there is a fundamental lesson to be drawn from previous inflationary cycles, it is that it becomes impossible to eradicate when its embedded in mentalities and in actions without a thorough destruction of demand and of consumption.<\/p>\n<p>Expect the least favorable scenario possible because the only strategy will be the <strong>strategy of pain<\/strong> = raising interest rates to levels much higher than expected in order to break the economy, and therefore inflation.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Eurozone supercore inflation is at 6.0% and is by no means peaking. In Japan, inflation increased by 4.4% in January compared to January 2022: strongest annual inflationary surge since 1981! In the USA, inflation was at 7% for January, and revised upwards for the 4th quarter of 2022. Very disturbing, these figures show that&hellip;<\/p>\n","protected":false},"author":4,"featured_media":24076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_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_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"{title}\n\n{excerpt}\n\n{url}","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,"jetpack_post_was_ever_published":false},"categories":[648941908],"tags":[],"class_list":["post-24079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-hyperinflation-2"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.7 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Strategy of pain - 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\/hyperinflation-2\/strategy-of-pain\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Strategy of pain - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"&nbsp; Eurozone supercore inflation is at 6.0% and is by no means peaking. In Japan, inflation increased by 4.4% in January compared to January 2022: strongest annual inflationary surge since 1981! In the USA, inflation was at 7% for January, and revised upwards for the 4th quarter of 2022. Very disturbing, these figures show that&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/michelsanti.fr\/en\/hyperinflation-2\/strategy-of-pain\" \/>\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:published_time\" content=\"2023-02-26T13:38:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/Japan-inflation.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1533\" \/>\n\t<meta property=\"og:image:height\" content=\"933\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Michel Santi\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@michelsanti1\" \/>\n<meta name=\"twitter:site\" content=\"@michelsanti1\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Michel Santi\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/hyperinflation-2\\\/strategy-of-pain#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/hyperinflation-2\\\/strategy-of-pain\"},\"author\":{\"name\":\"Michel Santi\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#\\\/schema\\\/person\\\/ba61ae1376925b43e3d1ddbc1e3eb2a4\"},\"headline\":\"Strategy of pain\",\"datePublished\":\"2023-02-26T13:38:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/hyperinflation-2\\\/strategy-of-pain\"},\"wordCount\":133,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/hyperinflation-2\\\/strategy-of-pain#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Japan-inflation.png?fit=1533%2C933&ssl=1\",\"articleSection\":[\"hyperinflation\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/michelsanti.fr\\\/en\\\/hyperinflation-2\\\/strategy-of-pain#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/hyperinflation-2\\\/strategy-of-pain\",\"url\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/hyperinflation-2\\\/strategy-of-pain\",\"name\":\"Strategy of pain - Michel Santi\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/hyperinflation-2\\\/strategy-of-pain#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/hyperinflation-2\\\/strategy-of-pain#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Japan-inflation.png?fit=1533%2C933&ssl=1\",\"datePublished\":\"2023-02-26T13:38:06+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#\\\/schema\\\/person\\\/ba61ae1376925b43e3d1ddbc1e3eb2a4\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/hyperinflation-2\\\/strategy-of-pain#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/michelsanti.fr\\\/en\\\/hyperinflation-2\\\/strategy-of-pain\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/hyperinflation-2\\\/strategy-of-pain#primaryimage\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Japan-inflation.png?fit=1533%2C933&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2023\\\/02\\\/Japan-inflation.png?fit=1533%2C933&ssl=1\",\"width\":1533,\"height\":933},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/hyperinflation-2\\\/strategy-of-pain#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\\\/\\\/michelsanti.fr\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Strategy of pain\"}]},{\"@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. 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And how many official inflation indicators had we copied and pasted, proving, quarter after quarter, that price pressures were slowly but surely easing? Why, then,\u2026","rel":"","context":"In &quot;Trump&quot;","block_context":{"text":"Trump","link":"https:\/\/michelsanti.fr\/en\/category\/trump-2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/inflation-Trump-1.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/inflation-Trump-1.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/inflation-Trump-1.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/inflation-Trump-1.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/inflation-Trump-1.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":20574,"url":"https:\/\/michelsanti.fr\/en\/deflation-en\/japan-a-sleeping-beauty","url_meta":{"origin":24079,"position":3},"title":"Japan: a sleeping beauty","author":"Michel Santi","date":"September 1, 2020","format":false,"excerpt":"\u00a0 On the macroeconomic scale, Japan is a laboratory, but it\u2019s also a cemetery where economists and theorists have had to bury their certainties. I salute the determination of Prime Minister Abe on his departure, having not shied away from any decision or measure in pulling his country out of\u2026","rel":"","context":"In &quot;Deflation&quot;","block_context":{"text":"Deflation","link":"https:\/\/michelsanti.fr\/en\/category\/deflation-en"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/09\/la_belle_au_bois.jpg?fit=1200%2C675&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/09\/la_belle_au_bois.jpg?fit=1200%2C675&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/09\/la_belle_au_bois.jpg?fit=1200%2C675&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/09\/la_belle_au_bois.jpg?fit=1200%2C675&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/09\/la_belle_au_bois.jpg?fit=1200%2C675&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":23548,"url":"https:\/\/michelsanti.fr\/en\/hyperinflation-2\/inflation-is-everywhere","url_meta":{"origin":24079,"position":4},"title":"Inflation is everywhere","author":"Michel Santi","date":"November 18, 2022","format":false,"excerpt":"Even Japan, country of Quantitative Easing, of negative interest rates, of a acutely aging population, is enduring inflation on all fronts. So let\u2019s expect an acceleration in the pace of interest rate hikes globally, despite all the falsely reassuring messages from financial markets that are absolutely not far-sighted\u2026as usual. \u00a0","rel":"","context":"In &quot;hyperinflation&quot;","block_context":{"text":"hyperinflation","link":"https:\/\/michelsanti.fr\/en\/category\/hyperinflation-2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/11\/Inflation-Japon.png?fit=1200%2C453&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/11\/Inflation-Japon.png?fit=1200%2C453&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/11\/Inflation-Japon.png?fit=1200%2C453&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/11\/Inflation-Japon.png?fit=1200%2C453&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/11\/Inflation-Japon.png?fit=1200%2C453&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":19396,"url":"https:\/\/michelsanti.fr\/en\/inflation-en\/a-major-challenge-of-our-time","url_meta":{"origin":24079,"position":5},"title":"A major challenge of our time","author":"Michel Santi","date":"April 21, 2019","format":false,"excerpt":"Where has inflation gone? While the US enjoys one of its longest periods of economic expansion, and while it is pretty much at full employment with its best figures for fifty years, inflation is nevertheless miniscule. Will it one day make its return to our developed nations of integrated economies?\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\/2019\/04\/Inflation-.jpg?fit=469%2C377&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/24079","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=24079"}],"version-history":[{"count":2,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/24079\/revisions"}],"predecessor-version":[{"id":24081,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/24079\/revisions\/24081"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/24076"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=24079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=24079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=24079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}