{"id":30625,"date":"2025-11-16T16:32:32","date_gmt":"2025-11-16T15:32:32","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=30625"},"modified":"2025-11-16T20:15:20","modified_gmt":"2025-11-16T19:15:20","slug":"in-the-firmament-of-debts","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/us-power\/in-the-firmament-of-debts","title":{"rendered":"In the firmament of debts"},"content":{"rendered":"<p data-start=\"54\" data-end=\"310\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-30631\" src=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/jasper_jones_three_flag.jpeg?resize=1170%2C788&#038;ssl=1\" alt=\"\" width=\"1170\" height=\"788\" srcset=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/jasper_jones_three_flag.jpeg?w=1900&amp;ssl=1 1900w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/jasper_jones_three_flag.jpeg?resize=300%2C202&amp;ssl=1 300w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/jasper_jones_three_flag.jpeg?resize=1024%2C689&amp;ssl=1 1024w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/jasper_jones_three_flag.jpeg?resize=768%2C517&amp;ssl=1 768w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/jasper_jones_three_flag.jpeg?resize=1536%2C1034&amp;ssl=1 1536w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/jasper_jones_three_flag.jpeg?resize=1200%2C808&amp;ssl=1 1200w\" sizes=\"(max-width: 1170px) 100vw, 1170px\" \/><\/p>\n<p data-start=\"54\" data-end=\"310\">The USA reign supreme: <strong>34.5%<\/strong> of the global total with $38 trillion \u2014 a monolith 1.6 times heavier than a fragmented Europe (<strong>21%<\/strong>, $23T).<\/p>\n<p data-start=\"54\" data-end=\"310\"><img data-recalc-dims=\"1\" decoding=\"async\" class=\"alignnone size-full wp-image-30634\" src=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/monde-dettes.jpg?resize=1170%2C1623&#038;ssl=1\" alt=\"\" width=\"1170\" height=\"1623\" srcset=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/monde-dettes.jpg?w=1370&amp;ssl=1 1370w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/monde-dettes.jpg?resize=216%2C300&amp;ssl=1 216w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/monde-dettes.jpg?resize=738%2C1024&amp;ssl=1 738w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/monde-dettes.jpg?resize=768%2C1065&amp;ssl=1 768w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/monde-dettes.jpg?resize=1108%2C1536&amp;ssl=1 1108w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/monde-dettes.jpg?resize=1200%2C1664&amp;ssl=1 1200w\" sizes=\"(max-width: 1170px) 100vw, 1170px\" \/><\/p>\n<p data-start=\"54\" data-end=\"310\">\n<p data-start=\"54\" data-end=\"310\">There are, however, fundamental nuances, because the United States has the <em>dollar<\/em> <strong>and<\/strong>\u2026<\/p>\n<p data-start=\"54\" data-end=\"310\">\n<p data-start=\"54\" data-end=\"310\"><img data-recalc-dims=\"1\" decoding=\"async\" data-attachment-id=\"30627\" data-permalink=\"https:\/\/michelsanti.fr\/en\/roi\/au-firmament-des-dettes\/attachment\/comparatif\" data-orig-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/comparatif.png?fit=1760%2C590&amp;ssl=1\" data-orig-size=\"1760,590\" 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=\"comparatif\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/comparatif.png?fit=1024%2C343&amp;ssl=1\" class=\"alignnone size-full wp-image-30627\" src=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/comparatif.png?resize=1170%2C392&#038;ssl=1\" alt=\"\" width=\"1170\" height=\"392\" srcset=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/comparatif.png?w=1760&amp;ssl=1 1760w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/comparatif.png?resize=300%2C101&amp;ssl=1 300w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/comparatif.png?resize=1024%2C343&amp;ssl=1 1024w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/comparatif.png?resize=768%2C257&amp;ssl=1 768w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/comparatif.png?resize=1536%2C515&amp;ssl=1 1536w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/11\/comparatif.png?resize=1200%2C402&amp;ssl=1 1200w\" sizes=\"(max-width: 1170px) 100vw, 1170px\" \/><\/p>\n<p data-start=\"312\" data-end=\"435\">\n<p data-start=\"312\" data-end=\"435\">Reminder: Total nominal GDP reflects <strong><em data-start=\"349\" data-end=\"360\">raw power<\/em><\/strong> while GDP per capita shows <strong><em>individual efficiency<\/em><\/strong>\u2026<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The USA reign supreme: 34.5% of the global total with $38 trillion \u2014 a monolith 1.6 times heavier than a fragmented Europe (21%, $23T). There are, however, fundamental nuances, because the United States has the dollar and\u2026 Reminder: Total nominal GDP reflects raw power while GDP per capita shows individual efficiency\u2026<\/p>\n","protected":false},"author":4,"featured_media":30634,"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":[648943057,648943056,648943055],"tags":[],"class_list":["post-30625","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-fragmented-europe","category-king","category-us-power"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>In the firmament of debts - 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\/us-power\/in-the-firmament-of-debts\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"In the firmament of debts - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"The USA reign supreme: 34.5% of the global total with $38 trillion \u2014 a monolith 1.6 times heavier than a fragmented Europe (21%, $23T). 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Our country had 21,000 fewer millionaires in 2024, while the United States gained 562,000 more over the same period. What is happening on this land called France, whose stock market was the only one in the\u2026","rel":"","context":"In &quot;europe downgraded&quot;","block_context":{"text":"europe downgraded","link":"https:\/\/michelsanti.fr\/en\/category\/europe-downgraded"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/drapeau-en-berne.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/drapeau-en-berne.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/drapeau-en-berne.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/drapeau-en-berne.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/drapeau-en-berne.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/drapeau-en-berne.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":31362,"url":"https:\/\/michelsanti.fr\/en\/sanctions-circumvention\/the-west-has-made-oil-uncontrollable","url_meta":{"origin":30625,"position":1},"title":"The West Has Made Oil Uncontrollable","author":"Michel Santi","date":"March 24, 2026","format":false,"excerpt":"In seeking to cap Russian oil prices, the G7 set in motion a series of dynamics it no longer fully controls: sanctions evasion, reconfigured trade flows, more rigid demand, and financial fragmentation. The oil market has entered a more unstable phase, where traditional regulatory tools are losing effectiveness. 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In 1971, Kissinger asked Zhou Enlai whether he thought the French Revolution of 1789 was\u2026","rel":"","context":"In &quot;the fall of Europe&quot;","block_context":{"text":"the fall of Europe","link":"https:\/\/michelsanti.fr\/en\/category\/the-fall-of-europe"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/CARTE-MONDE.jpg?resize=350%2C200&ssl=1","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/CARTE-MONDE.jpg?resize=350%2C200&ssl=1 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/CARTE-MONDE.jpg?resize=525%2C300&ssl=1 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/CARTE-MONDE.jpg?resize=700%2C400&ssl=1 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/CARTE-MONDE.jpg?resize=1050%2C600&ssl=1 3x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/11\/CARTE-MONDE.jpg?resize=1400%2C800&ssl=1 4x"},"classes":[]},{"id":29504,"url":"https:\/\/michelsanti.fr\/en\/european-union\/europe-out-of-love","url_meta":{"origin":30625,"position":3},"title":"Europe: Out of Love","author":"Michel Santi","date":"June 3, 2025","format":false,"excerpt":"The election of the nationalist Nawrocki in Poland? \u2026 even though the country is experiencing full employment and Poland is the largest beneficiary of European aid? Yes, indeed! A thriving economy is no longer a political life insurance. We must come to terms with the fact that Western Europe \u2014\u2026","rel":"","context":"In &quot;european technocrats&quot;","block_context":{"text":"european technocrats","link":"https:\/\/michelsanti.fr\/en\/category\/european-technocrats"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/Karol-Nawrocki.png?fit=1024%2C683&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/Karol-Nawrocki.png?fit=1024%2C683&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/Karol-Nawrocki.png?fit=1024%2C683&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/Karol-Nawrocki.png?fit=1024%2C683&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":19348,"url":"https:\/\/michelsanti.fr\/en\/brexit-2\/brexit-is-a-chance-for-europe","url_meta":{"origin":30625,"position":4},"title":"Brexit is a chance for Europe","author":"Michel Santi","date":"March 26, 2019","format":false,"excerpt":"The chaos that\u2019s shaking Britain to its core has come a long distance. The constitutional crisis, the 2 million protesters in the streets of London on Saturday 23rd March, the likely fall of Theresa May this week, and even the 2016 referendum itself are merely the culmination of more than\u2026","rel":"","context":"In &quot;Brexit&quot;","block_context":{"text":"Brexit","link":"https:\/\/michelsanti.fr\/en\/category\/brexit-2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/03\/Brexit.jpg?fit=750%2C413&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/03\/Brexit.jpg?fit=750%2C413&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/03\/Brexit.jpg?fit=750%2C413&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/03\/Brexit.jpg?fit=750%2C413&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":26514,"url":"https:\/\/michelsanti.fr\/en\/neoliberalism\/the-return-of-sick-man-of-europe","url_meta":{"origin":30625,"position":5},"title":"The return of sick man of Europe","author":"Michel Santi","date":"July 13, 2024","format":false,"excerpt":"\u00a0 In an environment where the German economy is extraordinarily energy-intensive, while the dogmatic policies of the Greens dramatically penalize all economic actors, company bankruptcies are reaching record and frightening levels in a Germany that is literally on the path to deindustrialization. \u00a0 Merkel will have many accounts to settle\u2026","rel":"","context":"In &quot;neoliberalism&quot;","block_context":{"text":"neoliberalism","link":"https:\/\/michelsanti.fr\/en\/category\/neoliberalism"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/07\/GSRaBmbXgAA9Iu6.jpg?fit=1200%2C678&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/07\/GSRaBmbXgAA9Iu6.jpg?fit=1200%2C678&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/07\/GSRaBmbXgAA9Iu6.jpg?fit=1200%2C678&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/07\/GSRaBmbXgAA9Iu6.jpg?fit=1200%2C678&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2024\/07\/GSRaBmbXgAA9Iu6.jpg?fit=1200%2C678&ssl=1&resize=1050%2C600 3x"},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/30625","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=30625"}],"version-history":[{"count":4,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/30625\/revisions"}],"predecessor-version":[{"id":30646,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/30625\/revisions\/30646"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/30634"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=30625"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=30625"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=30625"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}