{"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-medium-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/Japan-inflation.png?fit=300%2C183&amp;ssl=1\" 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,"_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":[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 v27.1.1 - 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. 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\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/michelsanti.fr\/#\/schema\/person\/ba61ae1376925b43e3d1ddbc1e3eb2a4\",\"name\":\"Michel Santi\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/michelsanti.fr\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/e6bc76c70234e8753d2b85c3b3bd08397f8734d2cddafa2d9ab319e7163e44a1?s=96&d=identicon&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/e6bc76c70234e8753d2b85c3b3bd08397f8734d2cddafa2d9ab319e7163e44a1?s=96&d=identicon&r=g\",\"caption\":\"Michel Santi\"},\"sameAs\":[\"https:\/\/michelsanti.fr\/\"],\"url\":\"https:\/\/michelsanti.fr\/en\/author\/msanti17\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Strategy of pain - 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\/hyperinflation-2\/strategy-of-pain","og_locale":"en_US","og_type":"article","og_title":"Strategy of pain - Michel Santi","og_description":"&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;","og_url":"https:\/\/michelsanti.fr\/en\/hyperinflation-2\/strategy-of-pain","og_site_name":"Michel Santi","article_publisher":"https:\/\/www.facebook.com\/michel.santi.economiste","article_published_time":"2023-02-26T13:38:06+00:00","og_image":[{"width":1533,"height":933,"url":"https:\/\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/Japan-inflation.png","type":"image\/png"}],"author":"Michel Santi","twitter_card":"summary_large_image","twitter_creator":"@michelsanti1","twitter_site":"@michelsanti1","twitter_misc":{"Written by":"Michel Santi","Est. reading time":"1 minute"},"schema":{"@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. 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"},{"@type":"Person","@id":"https:\/\/michelsanti.fr\/#\/schema\/person\/ba61ae1376925b43e3d1ddbc1e3eb2a4","name":"Michel Santi","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/michelsanti.fr\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/e6bc76c70234e8753d2b85c3b3bd08397f8734d2cddafa2d9ab319e7163e44a1?s=96&d=identicon&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/e6bc76c70234e8753d2b85c3b3bd08397f8734d2cddafa2d9ab319e7163e44a1?s=96&d=identicon&r=g","caption":"Michel Santi"},"sameAs":["https:\/\/michelsanti.fr\/"],"url":"https:\/\/michelsanti.fr\/en\/author\/msanti17"}]}},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/02\/Japan-inflation.png?fit=1533%2C933&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pagvtB-6gn","jetpack_likes_enabled":true,"jetpack-related-posts":[{"id":19686,"url":"https:\/\/michelsanti.fr\/en\/inflation\/inflation-of-prices-deflation-of-policies","url_meta":{"origin":24079,"position":0},"title":"Inflation of prices, deflation of policies","author":"Michel Santi","date":"October 10, 2019","format":false,"excerpt":"So you think you understand inflation? Allow me to correct you because it is in no way the result of an unreasonable expansion of the money supply that translates into a rise in prices. This clich\u00e9d term of \u201cinflation\u201d, used unscrupulously by the detractors of central banks, by the prophets\u2026","rel":"","context":"In &quot;inflation&quot;","block_context":{"text":"inflation","link":"https:\/\/michelsanti.fr\/category\/inflation"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/10\/inflation-300x213.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":19396,"url":"https:\/\/michelsanti.fr\/en\/inflation-en\/a-major-challenge-of-our-time","url_meta":{"origin":24079,"position":1},"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":[]},{"id":22176,"url":"https:\/\/michelsanti.fr\/en\/anti-trust-2\/price-control-a-social-emergency","url_meta":{"origin":24079,"position":2},"title":"Price control: a social emergency","author":"Michel Santi","date":"March 31, 2022","format":false,"excerpt":"\u00a0 At 7.3% in March 2022, the rate of inflation in Germany is at its highest since 1981! With the situation being much the same across the whole western world \u2013 the whole world full stop even \u2013 the legitimate question of price control is now an incisive one. It\u2026","rel":"","context":"In &quot;anti trust&quot;","block_context":{"text":"anti trust","link":"https:\/\/michelsanti.fr\/en\/category\/anti-trust-2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/03\/pouvoir-achat.jpeg?fit=664%2C444&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/03\/pouvoir-achat.jpeg?fit=664%2C444&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/03\/pouvoir-achat.jpeg?fit=664%2C444&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":22483,"url":"https:\/\/michelsanti.fr\/en\/turkish-lira\/turkey-autopsy-of-a-debacle","url_meta":{"origin":24079,"position":3},"title":"Turkey: autopsy of a debacle","author":"Michel Santi","date":"May 30, 2022","format":false,"excerpt":"\u00a0 This country got lost in grandiose real estate projects that have turned out to be barely profitable. Instead of progressing from its economy\u2019s developmental stage by prioritising and banking on the traditional path\u2013 which is also enticing for foreign investors \u2013, a path that is characterised by gradual industrialisation,\u2026","rel":"","context":"In &quot;Turkish hyperinflation&quot;","block_context":{"text":"Turkish hyperinflation","link":"https:\/\/michelsanti.fr\/en\/category\/turkish-hyperinflation"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/05\/turque-lirvre.jpg?fit=1200%2C801&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/05\/turque-lirvre.jpg?fit=1200%2C801&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/05\/turque-lirvre.jpg?fit=1200%2C801&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/05\/turque-lirvre.jpg?fit=1200%2C801&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/05\/turque-lirvre.jpg?fit=1200%2C801&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":4},"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":27463,"url":"https:\/\/michelsanti.fr\/en\/tariffs\/how-to-resist-economic-vassalization","url_meta":{"origin":24079,"position":5},"title":"The exorbitant burden","author":"Michel Santi","date":"February 3, 2025","format":false,"excerpt":"\u00a0 \"We consider it unlikely that customs tariffs will be put in place. The weapon of customs tariffs will always be loaded and ready to be used, but rarely triggered. Another differentiated point of view that we have is that Trump will pursue a weak dollar policy rather than imposing\u2026","rel":"","context":"In &quot;tariffs&quot;","block_context":{"text":"tariffs","link":"https:\/\/michelsanti.fr\/en\/category\/tariffs"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/Scott-Bessent.jpg?fit=1170%2C471&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/Scott-Bessent.jpg?fit=1170%2C471&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/Scott-Bessent.jpg?fit=1170%2C471&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/Scott-Bessent.jpg?fit=1170%2C471&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/Scott-Bessent.jpg?fit=1170%2C471&ssl=1&resize=1050%2C600 3x"},"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}]}}