{"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,"_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":[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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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 "Money"","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":20835,"url":"https:\/\/michelsanti.fr\/en\/debt\/taking-on-debt-yes-but-what-for","url_meta":{"origin":29875,"position":2},"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":20357,"url":"https:\/\/michelsanti.fr\/en\/inequality\/may-this-crisis-be-an-opportunity","url_meta":{"origin":29875,"position":3},"title":"May this crisis be an opportunity!","author":"Michel Santi","date":"June 15, 2020","format":false,"excerpt":"\u00a0 For the common good, but also purely and simply for the preservation of capitalism, this crisis must be got to grips with because the cause and effect relationship between the accumulation of debt and inequalities is, for me, at the source of it all. The fact is that the\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\/2020\/06\/transformation.jpg?fit=1200%2C796&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/06\/transformation.jpg?fit=1200%2C796&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/06\/transformation.jpg?fit=1200%2C796&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/06\/transformation.jpg?fit=1200%2C796&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/06\/transformation.jpg?fit=1200%2C796&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":30245,"url":"https:\/\/michelsanti.fr\/en\/capitalism\/debt-the-apocalypse-wont-happen","url_meta":{"origin":29875,"position":4},"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 "capitalism"","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":20252,"url":"https:\/\/michelsanti.fr\/en\/debt\/the-monetary-theory-of-happiness","url_meta":{"origin":29875,"position":5},"title":"The Monetary Theory of Happiness","author":"Michel Santi","date":"April 29, 2020","format":false,"excerpt":"\u00a0 A government that puts its monetary system to the service of its citizens and businesses views money as an instrument to improve their prosperity. 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 "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\/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":[]}],"amp_enabled":true,"_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}]}}