{"id":29875,"date":"2025-07-17T10:21:19","date_gmt":"2025-07-17T08:21:19","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=29875"},"modified":"2025-07-17T10:21:19","modified_gmt":"2025-07-17T08:21:19","slug":"euro-sovereign","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/central-banks\/euro-sovereign","title":{"rendered":"The European flaw"},"content":{"rendered":"
\"\"<\/div>\n
<\/div>\n
<\/div>\n
The level of American household debt is at its lowest in 50 years. <\/span><\/span><\/div>\n
<\/div>\n
But how is this possible, you might ask, in an alarmist context where politicians and analysts keep sowing panic about the unsustainability of U.S. deficits?<\/span><\/span><\/div>\n
\nThe equation is simple, and I\u2019ve been emphasizing it for years: public deficits generate private surpluses<\/strong>. <\/span><\/span><\/div>\n
<\/div>\n
In a sovereign country, public debt is not a problem<\/em> because Washington will never run out of dollars. <\/span><\/span><\/div>\n
<\/div>\n
In contrast, Berlin and Paris can indeed run out of euros, as the countries in the eurozone are not sovereign in the sense that they cannot freely control their own currency.<\/span><\/span><\/div>\n","protected":false},"excerpt":{"rendered":"

The level of American household debt is at its lowest in 50 years. But how is this possible, you might ask, in an alarmist context where politicians and analysts keep sowing panic about the unsustainability of U.S. deficits? The equation is simple, and I\u2019ve been emphasizing it for years: public deficits generate private surpluses. In…<\/p>\n","protected":false},"author":4,"featured_media":29871,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"give_campaign_id":0,"_exactmetrics_skip_tracking":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"mc4wp_mailchimp_campaign":[],"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_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":[648941265,648941303,648941306,648942931,648941266],"tags":[],"class_list":["post-29875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-central-banks","category-debt","category-default","category-deficit-obsession","category-ecb"],"yoast_head":"\nThe European flaw - 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\/central-banks\/euro-sovereign\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The European flaw - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"The level of American household debt is at its lowest in 50 years. But how is this possible, you might ask, in an alarmist context where politicians and analysts keep sowing panic about the unsustainability of U.S. deficits? The equation is simple, and I\u2019ve been emphasizing it for years: public deficits generate private surpluses. 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Five of them were immediately followed by depressions. Let us never forget that the orthodoxy \u2013 already powerful at the time \u2013 had pushed President Herbert Hoover to maintain a budget surplus\u2026","rel":"","context":"In "debt"","block_context":{"text":"debt","link":"https:\/\/michelsanti.fr\/en\/category\/debt"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/fake-news.jpg?fit=743%2C481&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/fake-news.jpg?fit=743%2C481&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/fake-news.jpg?fit=743%2C481&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/fake-news.jpg?fit=743%2C481&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":20835,"url":"https:\/\/michelsanti.fr\/en\/debt\/taking-on-debt-yes-but-what-for","url_meta":{"origin":29875,"position":1},"title":"Taking on debt, yes, but what for?","author":"Michel Santi","date":"October 11, 2020","format":false,"excerpt":"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\u2026","rel":"","context":"In "debt"","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\/10\/Roosevelt-e-Keynes-1.jpg?fit=600%2C400&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/10\/Roosevelt-e-Keynes-1.jpg?fit=600%2C400&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/10\/Roosevelt-e-Keynes-1.jpg?fit=600%2C400&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":19340,"url":"https:\/\/michelsanti.fr\/en\/money\/debt-money-sin","url_meta":{"origin":29875,"position":2},"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. 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It immediately saves 1.2 percentage points\u2014provided interest rates do not rise. In many respects, that is precisely what the US government is doing. The numbers add up As of August 4, 2026, borrowing\u2026","rel":"","context":"In "Floating rate"","block_context":{"text":"Floating rate","link":"https:\/\/michelsanti.fr\/en\/category\/floating-rate"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/santi-eng.jpg?fit=1200%2C655&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/santi-eng.jpg?fit=1200%2C655&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/santi-eng.jpg?fit=1200%2C655&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/santi-eng.jpg?fit=1200%2C655&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/santi-eng.jpg?fit=1200%2C655&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":32125,"url":"https:\/\/michelsanti.fr\/en\/us-federal-debt\/40-trillion-america-does-not-suffer-its-debt-it-votes-for-it","url_meta":{"origin":29875,"position":4},"title":"$40 Trillion: America Does Not Suffer Its Debt \u2014 It Votes for It","author":"Michel Santi","date":"August 24, 2026","format":false,"excerpt":"\u00a0 In under a decade, gross federal debt has doubled. The problem is not that America borrowed, but that it has made debt the permanent substitute for the trade-offs it refuses to make. \u00a0 Jonah Goldberg, a conservative columnist not given to sparing his own side, has the numbers right\u2026","rel":"","context":"In "exorbitant privilege"","block_context":{"text":"exorbitant privilege","link":"https:\/\/michelsanti.fr\/en\/category\/exorbitant-privilege"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/Santi_leverage_debt_GDP_EN-1.jpg?fit=1200%2C983&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/Santi_leverage_debt_GDP_EN-1.jpg?fit=1200%2C983&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/Santi_leverage_debt_GDP_EN-1.jpg?fit=1200%2C983&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/Santi_leverage_debt_GDP_EN-1.jpg?fit=1200%2C983&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/Santi_leverage_debt_GDP_EN-1.jpg?fit=1200%2C983&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":32153,"url":"https:\/\/michelsanti.fr\/en\/yield\/public-debt-is-not-paid-off-it-is-rented","url_meta":{"origin":29875,"position":5},"title":"Public debt is not paid off. It is rented.","author":"Michel Santi","date":"August 31, 2026","format":false,"excerpt":"Every bond is honored, but the outstanding stock is refinanced. The constraint therefore depends less on the stock alone than on its price and the volume to be rolled over each year. A state pays off each of its securities, but almost never settles its total debt. Every maturing bond\u2026","rel":"","context":"In "refinance"","block_context":{"text":"refinance","link":"https:\/\/michelsanti.fr\/en\/category\/refinance"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/dette.png?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/dette.png?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/dette.png?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/dette.png?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/dette.png?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/dette.png?resize=1400%2C800&ssl=1 4x"},"classes":[]}],"amp_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/07\/household.jpg?fit=1900%2C1523&ssl=1","_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/29875","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=29875"}],"version-history":[{"count":2,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/29875\/revisions"}],"predecessor-version":[{"id":29877,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/29875\/revisions\/29877"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/29871"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=29875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=29875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=29875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}