{"id":29331,"date":"2025-05-19T09:43:22","date_gmt":"2025-05-19T07:43:22","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=29331"},"modified":"2025-05-19T09:43:22","modified_gmt":"2025-05-19T07:43:22","slug":"leo-xiv-donald-trump-and-the-invisible-hand","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/neoliberalism\/leo-xiv-donald-trump-and-the-invisible-hand","title":{"rendered":"Leo XIV, Donald Trump, and the Invisible Hand"},"content":{"rendered":"
\n
\n

\"\"<\/p>\n

May 15, 1891. Leo XIII:<\/strong> the Catholic Church dives headfirst into the economic arena. Rerum novarum<\/em> (\u201cOf New Things\u201d) is a theological uppercut against socialism, a fiery response to the shockwaves of the Industrial Revolution.<\/p>\n

In it, the pope smashes the idea of collectivism trampling private property, and declares the Church\u2019s allegiance to the market economy.<\/p>\n

Private property?<\/strong> A sacred right, the fruit of human labor, which the state must protect (par. 6<\/em>).
The market?<\/strong> An arena where initiative can shine (par. 32<\/em>).<\/p>\n

A century later, this text remains the compass of Catholic social teaching \u2014 a true cry for economic freedom.<\/p>\n

\n

A change of era, but continuity with John Paul II<\/strong>, who in 1981 doubles down with Laborem exercens<\/em> (\u201cThrough Work\u201d).<\/p>\n

There, he celebrates labor as a divine calling:<\/p>\n

\n

\u201cBy work, man participates in the work of his Creator,\u201d he thunders (par. 1<\/em>),<\/p>\n<\/blockquote>\n

linking human effort to the biblical mandate to \u201csubdue the earth\u201d (Genesis 1:28, cited par. 4<\/em>).<\/p>\n

Made in God\u2019s image, man transforms the world and transcends himself, becoming \u201cmore human\u201d with every drop of sweat (par. 4<\/em>).<\/p>\n

According to this vision, the market is not a cold machine: it is a space where human creativity can \u2014 and must \u2014 be expressed.<\/p>\n

\n

Centesimus annus<\/em> (\u201cThe Hundredth Year\u201d, 1991) gives John Paul II the chance to reaffirm the doctrine stated a century earlier by Leo XIII.<\/p>\n

He glorifies private property and elevates \u201cknow-how, technology, and skills\u201d to the rank of a new kind of wealth \u2014 more crucial even than land (par. 32<\/em>).<\/p>\n

Economic initiative?<\/strong> A sacred flame that allows us to \u201cperceive and satisfy the needs of others\u201d (par. 35<\/em>).
Profits?<\/strong> Not idols, but signs that \u201cproductive factors have been properly used and human needs have been satisfied\u201d (par. 35<\/em>).<\/p>\n

John Paul II does not mince words: the free market is an expression of human freedom, an echo of divine creativity.<\/p>\n

\n

Was he really that far from Milton Friedman<\/strong>, high priest of unbridled capitalism, who in Capitalism and Freedom<\/em> proclaimed:<\/p>\n

\n

\u201cEconomic freedom is an essential condition of political freedom\u201d?<\/p>\n<\/blockquote>\n

For Friedman, the free market is a motor of human progress that frees the individual from the shackles of the state.<\/p>\n

His Free to Choose<\/em> (1980) resonates in harmony with John Paul II:<\/p>\n

\n

\u201cA free market allows millions of people to cooperate peacefully, each pursuing their own interests while contributing to the common good.\u201d<\/p>\n<\/blockquote>\n

A convergence of struggles with John Paul II?<\/strong>
A heretical wink between Vatican and Chicago<\/strong>, united by their hatred of communism?<\/p>\n

\n

Not so fast.<\/strong><\/p>\n

The arrival of the Jesuit troublemaker<\/strong> would stir confusion and pour acid into the gears.<\/p>\n

In Evangelii gaudium<\/em> (\u201cThe Joy of the Gospel\u201d, 2013), Pope Francis lashes out<\/strong>:<\/p>\n

\n

\u201cHow can it be that it is not a news item when an elderly homeless person dies of exposure, but it is news when the stock market drops two points?\u201d (par. 54<\/em>).<\/p>\n<\/blockquote>\n

He targets the apostles of \u201ctrickle-down theories,\u201d naively convinced that<\/p>\n

\n

\u201ceconomic growth, encouraged by a free market, will inevitably result in greater justice\u201d (par. 53<\/em>).<\/p>\n<\/blockquote>\n

Francis warns against the illusion of a<\/p>\n

\n

\u201ccrude and na\u00efve trust\u201d in a system that creates an \u201ceconomy of exclusion\u201d (par. 53<\/em>).<\/p>\n<\/blockquote>\n

\n

A true heir of Ignatius of Loyola<\/strong>, whose spirituality\u2014shaped by asceticism and mission\u2014focuses on the marginalized, Francis’s piercing critique bears the Jesuit imprint.<\/p>\n

Formed in Argentina\u2019s slums, he has front-row seats to the ravages of savage capitalism: shuttered factories, broken families, shocking inequality.<\/p>\n

Coupled with the Jesuit tradition of critical discernment, his analysis cannot<\/strong> embrace the free-market promise of liberty \u2014 a trap enriching the powerful and abandoning the weak.<\/p>\n

Where John Paul II<\/strong> spoke of market creativity, Francis hears the cry of the excluded<\/strong>.<\/p>\n

\n

Now in 2025<\/strong>, free-market loyalists are rallying around Pope Prevost<\/strong>.<\/p>\n

His decision to take the name Leo XIV<\/strong> is no accident: it\u2019s a deliberate return to the legacy of 1891, echoing Leo XIII<\/strong> and John Paul II<\/strong> in defending the free market as a path to freedom.<\/p>\n

At the same time, a U.S. president seems determined to tear this vision down: Donald Trump despises free markets<\/strong>.<\/p>\n

Massive tariffs. Executive orders to cap drug prices. Protectionist rhetoric.
All clear signs that Trump is no friend of the invisible hand.<\/p>\n

His interventionist crusade began long ago: he\u2019s been denouncing globalization since 2018.<\/p>\n

\n

So, brandishing Rerum novarum<\/em>\u2019s legacy, might this American Leo XIV<\/strong> soon clash head-on with the President of the United States?<\/p>\n

Might he remind Trump that the economy is not a zero-sum game, but a<\/p>\n

\n

\u201ccommunity of persons\u201d (par. 35, Centesimus annus<\/em>) \u2014
a human project where freedom and justice go hand in hand<\/strong>?<\/p>\n<\/blockquote>\n

\n

History may be setting up a delicious irony: uniting in a shared cause two unlikely figures \u2014
a capitalist tycoon<\/strong> (Trump) and a pope of the poor<\/strong> (Francis).<\/p>\n

They certainly didn\u2019t like each other.<\/p>\n

And yet, they may share one improbable common ground<\/strong>:<\/p>\n

\n

A deep mistrust of free markets.<\/p>\n<\/blockquote>\n

This Francis \u2014 who denounces an \u201ceconomy that kills,\u201d where the stock market outweighs the homeless (par. 53, Evangelii gaudium<\/em>) \u2014<\/p>\n

Could he, when all is said and done, have more in common with Trump, who sees global trade as a conspiracy against American workers?<\/p>\n

Do Francis and Trump both see chaos to be tamed<\/strong>, where Leo XIII<\/strong>, John Paul II<\/strong>, and now Leo XIV <\/strong>see a tool for human dignity?<\/p>\n<\/div>\n

\n

Before you go… an excerpt from my book:<\/strong><\/span><\/h2>\n

This ceaseless quest for emotion, for sensation, for always wanting more in my adult life\u2014I owe it to the intensity of that period. Precisely that. Those seven and a half years of my life became a treasure trove for my future profession: finance. Uncertainty became my closest ally, and I learned to respect it. To overcome the unimaginable, to be wary of formalism, to survive\u2014and even thrive\u2014amid great volatility.<\/em><\/p>\n

My entire career has been about mastering storms\u2014or even capitalizing on them!\u2014and I owe that to those adolescent years. It is so much easier to benefit from disorder, which by definition has no bounds. My creativity, my inventiveness, my resilience were multiplied by the awareness of the ever-expanding possibilities available to those who dare to escape boredom.<\/em><\/p>\n

Acceleration became an organic element of my life. To slide down the easy, vulgar slope of comforting predictability is the surest way to trap oneself in a tunnel. Man believes he can banish uncertainty by convincing himself that risk can be quantified, that everything can be put into an equation. As a result, the dreamlike quality of the unknown\u2014so feared\u2014gives way to a world devoid of mystery.<\/em><\/p>\n

That chapter of my life was like a majestic prelude, a dazzling and breathtaking foretaste of what was still to come. You\u2019ll admit: many lives might seem dull in comparison to what I\u2019ve just shared\u2014though, truth be told, I\u2019ve lived through far more than that.<\/em><\/p>\n

Do you have your copy of A Levantine Youth<\/em>?<\/span><\/h2>\n

Buy it:<\/u><\/span><\/h3>\n

France:\u00a0FNAC<\/a><\/p>\n

Switzerland:\u00a0PAYOT<\/a><\/p>\n

Lebanon:\u00a0ANTOINE<\/a><\/p>\n

Canada:\u00a0Les Libraires<\/a><\/p>\n

AMAZON<\/a><\/p>\n

An autographed edition<\/a><\/span><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

May 15, 1891. Leo XIII: the Catholic Church dives headfirst into the economic arena. Rerum novarum (\u201cOf New Things\u201d) is a theological uppercut against socialism, a fiery response to the shockwaves of the Industrial Revolution. In it, the pope smashes the idea of collectivism trampling private property, and declares the Church\u2019s allegiance to the market…<\/p>\n","protected":false},"author":4,"featured_media":29340,"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_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,"jetpack_post_was_ever_published":false},"categories":[648941294],"tags":[],"class_list":["post-29331","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-neoliberalism"],"yoast_head":"\nLeo XIV, Donald Trump, and the Invisible Hand - 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\/neoliberalism\/leo-xiv-donald-trump-and-the-invisible-hand\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Leo XIV, Donald Trump, and the Invisible Hand - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"May 15, 1891. Leo XIII: the Catholic Church dives headfirst into the economic arena. Rerum novarum (\u201cOf New Things\u201d) is a theological uppercut against socialism, a fiery response to the shockwaves of the Industrial Revolution. In it, the pope smashes the idea of collectivism trampling private property, and declares the Church\u2019s allegiance to the market…\" \/>\n<meta property=\"og:url\" content=\"https:\/\/michelsanti.fr\/en\/neoliberalism\/leo-xiv-donald-trump-and-the-invisible-hand\" \/>\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=\"2025-05-19T07:43:22+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/michelsanti.fr\/wp-content\/uploads\/2025\/05\/Francois-et-Trump-1024x683.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"683\" \/>\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=\"6 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/neoliberalism\\\/leo-xiv-donald-trump-and-the-invisible-hand#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/neoliberalism\\\/leo-xiv-donald-trump-and-the-invisible-hand\"},\"author\":{\"name\":\"Michel Santi\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#\\\/schema\\\/person\\\/ba61ae1376925b43e3d1ddbc1e3eb2a4\"},\"headline\":\"Leo XIV, Donald Trump, and the Invisible Hand\",\"datePublished\":\"2025-05-19T07:43:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/neoliberalism\\\/leo-xiv-donald-trump-and-the-invisible-hand\"},\"wordCount\":1155,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/neoliberalism\\\/leo-xiv-donald-trump-and-the-invisible-hand#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2025\\\/05\\\/Francois-et-Trump.png?fit=1536%2C1024&ssl=1\",\"articleSection\":[\"neoliberalism\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/michelsanti.fr\\\/en\\\/neoliberalism\\\/leo-xiv-donald-trump-and-the-invisible-hand#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/neoliberalism\\\/leo-xiv-donald-trump-and-the-invisible-hand\",\"url\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/neoliberalism\\\/leo-xiv-donald-trump-and-the-invisible-hand\",\"name\":\"Leo XIV, Donald Trump, and the Invisible Hand - Michel Santi\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/neoliberalism\\\/leo-xiv-donald-trump-and-the-invisible-hand#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/neoliberalism\\\/leo-xiv-donald-trump-and-the-invisible-hand#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2025\\\/05\\\/Francois-et-Trump.png?fit=1536%2C1024&ssl=1\",\"datePublished\":\"2025-05-19T07:43:22+00:00\",\"author\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/#\\\/schema\\\/person\\\/ba61ae1376925b43e3d1ddbc1e3eb2a4\"},\"breadcrumb\":{\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/neoliberalism\\\/leo-xiv-donald-trump-and-the-invisible-hand#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/michelsanti.fr\\\/en\\\/neoliberalism\\\/leo-xiv-donald-trump-and-the-invisible-hand\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/neoliberalism\\\/leo-xiv-donald-trump-and-the-invisible-hand#primaryimage\",\"url\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2025\\\/05\\\/Francois-et-Trump.png?fit=1536%2C1024&ssl=1\",\"contentUrl\":\"https:\\\/\\\/i0.wp.com\\\/michelsanti.fr\\\/wp-content\\\/uploads\\\/2025\\\/05\\\/Francois-et-Trump.png?fit=1536%2C1024&ssl=1\",\"width\":1536,\"height\":1024},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/michelsanti.fr\\\/en\\\/neoliberalism\\\/leo-xiv-donald-trump-and-the-invisible-hand#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Accueil\",\"item\":\"https:\\\/\\\/michelsanti.fr\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Leo XIV, Donald Trump, and the Invisible Hand\"}]},{\"@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:\\\/\\\/secure.gravatar.com\\\/avatar\\\/e6bc76c70234e8753d2b85c3b3bd08397f8734d2cddafa2d9ab319e7163e44a1?s=96&d=identicon&r=g\",\"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":"Leo XIV, Donald Trump, and the Invisible Hand - 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\/neoliberalism\/leo-xiv-donald-trump-and-the-invisible-hand","og_locale":"en_US","og_type":"article","og_title":"Leo XIV, Donald Trump, and the Invisible Hand - Michel Santi","og_description":"May 15, 1891. Leo XIII: the Catholic Church dives headfirst into the economic arena. Rerum novarum (\u201cOf New Things\u201d) is a theological uppercut against socialism, a fiery response to the shockwaves of the Industrial Revolution. In it, the pope smashes the idea of collectivism trampling private property, and declares the Church\u2019s allegiance to the market…","og_url":"https:\/\/michelsanti.fr\/en\/neoliberalism\/leo-xiv-donald-trump-and-the-invisible-hand","og_site_name":"Michel Santi","article_publisher":"https:\/\/www.facebook.com\/michel.santi.economiste","article_published_time":"2025-05-19T07:43:22+00:00","og_image":[{"width":1024,"height":683,"url":"https:\/\/michelsanti.fr\/wp-content\/uploads\/2025\/05\/Francois-et-Trump-1024x683.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":"6 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/michelsanti.fr\/en\/neoliberalism\/leo-xiv-donald-trump-and-the-invisible-hand#article","isPartOf":{"@id":"https:\/\/michelsanti.fr\/en\/neoliberalism\/leo-xiv-donald-trump-and-the-invisible-hand"},"author":{"name":"Michel Santi","@id":"https:\/\/michelsanti.fr\/#\/schema\/person\/ba61ae1376925b43e3d1ddbc1e3eb2a4"},"headline":"Leo XIV, Donald Trump, and the Invisible Hand","datePublished":"2025-05-19T07:43:22+00:00","mainEntityOfPage":{"@id":"https:\/\/michelsanti.fr\/en\/neoliberalism\/leo-xiv-donald-trump-and-the-invisible-hand"},"wordCount":1155,"commentCount":0,"image":{"@id":"https:\/\/michelsanti.fr\/en\/neoliberalism\/leo-xiv-donald-trump-and-the-invisible-hand#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/05\/Francois-et-Trump.png?fit=1536%2C1024&ssl=1","articleSection":["neoliberalism"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/michelsanti.fr\/en\/neoliberalism\/leo-xiv-donald-trump-and-the-invisible-hand#respond"]}]},{"@type":"WebPage","@id":"https:\/\/michelsanti.fr\/en\/neoliberalism\/leo-xiv-donald-trump-and-the-invisible-hand","url":"https:\/\/michelsanti.fr\/en\/neoliberalism\/leo-xiv-donald-trump-and-the-invisible-hand","name":"Leo XIV, Donald Trump, and the Invisible Hand - Michel Santi","isPartOf":{"@id":"https:\/\/michelsanti.fr\/#website"},"primaryImageOfPage":{"@id":"https:\/\/michelsanti.fr\/en\/neoliberalism\/leo-xiv-donald-trump-and-the-invisible-hand#primaryimage"},"image":{"@id":"https:\/\/michelsanti.fr\/en\/neoliberalism\/leo-xiv-donald-trump-and-the-invisible-hand#primaryimage"},"thumbnailUrl":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/05\/Francois-et-Trump.png?fit=1536%2C1024&ssl=1","datePublished":"2025-05-19T07:43:22+00:00","author":{"@id":"https:\/\/michelsanti.fr\/#\/schema\/person\/ba61ae1376925b43e3d1ddbc1e3eb2a4"},"breadcrumb":{"@id":"https:\/\/michelsanti.fr\/en\/neoliberalism\/leo-xiv-donald-trump-and-the-invisible-hand#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/michelsanti.fr\/en\/neoliberalism\/leo-xiv-donald-trump-and-the-invisible-hand"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/michelsanti.fr\/en\/neoliberalism\/leo-xiv-donald-trump-and-the-invisible-hand#primaryimage","url":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/05\/Francois-et-Trump.png?fit=1536%2C1024&ssl=1","contentUrl":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/05\/Francois-et-Trump.png?fit=1536%2C1024&ssl=1","width":1536,"height":1024},{"@type":"BreadcrumbList","@id":"https:\/\/michelsanti.fr\/en\/neoliberalism\/leo-xiv-donald-trump-and-the-invisible-hand#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Accueil","item":"https:\/\/michelsanti.fr\/"},{"@type":"ListItem","position":2,"name":"Leo XIV, Donald Trump, and the Invisible Hand"}]},{"@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:\/\/secure.gravatar.com\/avatar\/e6bc76c70234e8753d2b85c3b3bd08397f8734d2cddafa2d9ab319e7163e44a1?s=96&d=identicon&r=g","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\/2025\/05\/Francois-et-Trump.png?fit=1536%2C1024&ssl=1","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/pagvtB-7D5","jetpack_likes_enabled":true,"jetpack-related-posts":[{"id":13700,"url":"https:\/\/michelsanti.fr\/en\/real-estate\/when-real-estate-threatens-growth","url_meta":{"origin":29331,"position":0},"title":"When real estate threatens growth","author":"Michel Santi","date":"April 13, 2016","format":false,"excerpt":"It\u2019s not a coincidence if real estate prices \u2013 relatively stable up until now \u2013 suffered unhealthy volatility at the dawn of the 1990s. This phenomenon was the direct consequence of integrating the banking and financial systems together because deregulation and innovations such as securitisation intensified the flow of cross-border\u2026","rel":"","context":"In "bubble"","block_context":{"text":"bubble","link":"https:\/\/michelsanti.fr\/en\/category\/bubble"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/subprime-mortgages.jpg?fit=500%2C350&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":19796,"url":"https:\/\/michelsanti.fr\/en\/japan\/if-only-we-were-all-japanese-2","url_meta":{"origin":29331,"position":1},"title":"If only we were all Japanese!","author":"Michel Santi","date":"December 12, 2019","format":false,"excerpt":"\u00a0 The economists and bankers of my generation have had the habit of entertaining themselves by dividing the world into four types of economies: developed, emerging, Argentina and Japan. It is worth, however, updating this somewhat simplistic and caricatural joke by removing Japan from the list of economic aberrations. Albeit\u2026","rel":"","context":"In "Japan"","block_context":{"text":"Japan","link":"https:\/\/michelsanti.fr\/en\/category\/japan"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/12\/Shinzo-Abe.jpg?fit=729%2C510&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/12\/Shinzo-Abe.jpg?fit=729%2C510&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/12\/Shinzo-Abe.jpg?fit=729%2C510&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/12\/Shinzo-Abe.jpg?fit=729%2C510&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":22544,"url":"https:\/\/michelsanti.fr\/en\/hyperinflation-2\/sorry-weve-run-out-of-ammo","url_meta":{"origin":29331,"position":2},"title":"Sorry, we\u2019ve run out of ammo","author":"Michel Santi","date":"June 18, 2022","format":false,"excerpt":"\u00a0 Inflation and deflation lead to the same conclusion: the loss of buying power. Up until the very recent past, deflation was caused by outsourcing to developing nations combined with rising global debt levels. Having tried \u2013 sometimes desperately \u2013 to revive inflation, the central banks got more than they\u2019d\u2026","rel":"","context":"In "crack"","block_context":{"text":"crack","link":"https:\/\/michelsanti.fr\/en\/category\/crack-2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/06\/vide.webp?fit=1200%2C801&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/06\/vide.webp?fit=1200%2C801&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/06\/vide.webp?fit=1200%2C801&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/06\/vide.webp?fit=1200%2C801&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2022\/06\/vide.webp?fit=1200%2C801&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":24466,"url":"https:\/\/michelsanti.fr\/en\/financial-crisis\/is-there-a-way-towards-economic-serenity","url_meta":{"origin":29331,"position":3},"title":"Is there a way towards economic serenity?","author":"Michel Santi","date":"March 29, 2023","format":false,"excerpt":"All the economic parishes agree on the fact that too high debts are harmful. However, they diverge when the profile of the debtor is considered because, while the Austrian school is primarily concerned with public debts, the neo-Keynesians attach much more importance to private sector debts. The classics are indeed\u2026","rel":"","context":"In "financial crisis"","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\/2023\/03\/serenite.png?fit=1200%2C801&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/03\/serenite.png?fit=1200%2C801&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/03\/serenite.png?fit=1200%2C801&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/03\/serenite.png?fit=1200%2C801&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/03\/serenite.png?fit=1200%2C801&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":30595,"url":"https:\/\/michelsanti.fr\/en\/big-tech\/fed-adp","url_meta":{"origin":29331,"position":4},"title":"Fed: the silent crisis","author":"Michel Santi","date":"November 8, 2025","format":false,"excerpt":"The Federal Reserve, the central bank of the United States of America, has recently lost access to a valuable macroeconomic indicator: anonymized data on employment and wages provided by ADP, the payroll-processing giant. More than just a technical anecdote, this statistic\u2014no longer available to the Fed\u2014poses a threat to stability\u2026","rel":"","context":"In "Big tech"","block_context":{"text":"Big tech","link":"https:\/\/michelsanti.fr\/en\/category\/big-tech"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/ADP-FED.png?fit=1200%2C800&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/ADP-FED.png?fit=1200%2C800&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/ADP-FED.png?fit=1200%2C800&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/ADP-FED.png?fit=1200%2C800&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/ADP-FED.png?fit=1200%2C800&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":27507,"url":"https:\/\/michelsanti.fr\/en\/real-estate-crisis\/real-estate-speculation-vs-the-citizen","url_meta":{"origin":29331,"position":5},"title":"Real Estate Speculation vs. The Citizen","author":"Michel Santi","date":"February 10, 2025","format":false,"excerpt":"\u00a0 The West faces a major challenge. We do not want our society to be divided into two classes: wealthy property owners and poor tenants.\" These were the words recently spoken by Spanish Prime Minister Pedro S\u00e1nchez. Under his leadership, Spain will soon impose a 100% tax on any real\u2026","rel":"","context":"In "inequality"","block_context":{"text":"inequality","link":"https:\/\/michelsanti.fr\/en\/category\/inequality"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/espagne-golden-visa.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/espagne-golden-visa.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/espagne-golden-visa.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/espagne-golden-visa.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/02\/espagne-golden-visa.jpg?resize=1050%2C600&ssl=1 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/29331","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=29331"}],"version-history":[{"count":7,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/29331\/revisions"}],"predecessor-version":[{"id":29349,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/29331\/revisions\/29349"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/29340"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=29331"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=29331"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=29331"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}