{"id":30816,"date":"2025-12-07T14:27:38","date_gmt":"2025-12-07T13:27:38","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=30816"},"modified":"2025-12-07T14:27:38","modified_gmt":"2025-12-07T13:27:38","slug":"it-would-be-very-unwise-to-pretend-that-nothing-is-happening","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/financial-crisis\/it-would-be-very-unwise-to-pretend-that-nothing-is-happening","title":{"rendered":"It would be very unwise to pretend that nothing is happening"},"content":{"rendered":"

\"\"<\/p>\n

It would be very unwise to pretend that nothing is happening with government bond yields around the world!<\/p>\n

Japan\u2019s 30-year yield is at 3.37%, a historic record for the country\u2026 and a clear warning of what awaits Western nations that allow their debt levels to spiral.<\/p>\n


The chart below speaks for itself: yields on the sovereign debt of major countries around the globe will soon reach a point of no return.<\/p>\n

\"\"<\/p>\n

The consequence? A gradual drying-up of global liquidity, and governments that will have to pay increasingly high rates to borrow.<\/p>\n","protected":false},"excerpt":{"rendered":"

It would be very unwise to pretend that nothing is happening with government bond yields around the world! Japan\u2019s 30-year yield is at 3.37%, a historic record for the country\u2026 and a clear warning of what awaits Western nations that allow their debt levels to spiral. The chart below speaks for itself: yields on the…<\/p>\n","protected":false},"author":4,"featured_media":30811,"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":[648942282,648941273],"tags":[],"class_list":["post-30816","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-financial-crisis","category-public-deficits"],"yoast_head":"\nIt would be very unwise to pretend that nothing is happening - 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\/financial-crisis\/it-would-be-very-unwise-to-pretend-that-nothing-is-happening\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"It would be very unwise to pretend that nothing is happening - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"It would be very unwise to pretend that nothing is happening with government bond yields around the world! Japan\u2019s 30-year yield is at 3.37%, a historic record for the country\u2026 and a clear warning of what awaits Western nations that allow their debt levels to spiral. 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As of March 31, 2025, it holds \u00a5575.9 trillion (US$3.97 trillion) in Japanese Government Bonds (JGBs), representing 52% of Japan\u2019s total public debt. For years, its massive bond-buying program\u2014part of an ultra-loose monetary policy\u2014flooded the\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\/2025\/06\/BOJ-losses.jpg?fit=1200%2C668&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/BOJ-losses.jpg?fit=1200%2C668&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/BOJ-losses.jpg?fit=1200%2C668&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/BOJ-losses.jpg?fit=1200%2C668&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/BOJ-losses.jpg?fit=1200%2C668&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":19672,"url":"https:\/\/michelsanti.fr\/en\/lebanon\/lebanon-how-can-it-avoid-self-destruction","url_meta":{"origin":30816,"position":3},"title":"Lebanon: how can it avoid self-destruction?","author":"Michel Santi","date":"October 1, 2019","format":false,"excerpt":"\u00a0 I just got back from Lebanon, a country that I know well and where I was born, where the atmosphere is now as palpable as it was during the dark days of the civil war. Admittedly, it\u2019s not the armed conflicts that threaten, though this nation remains a hostage\u2026","rel":"","context":"In "Lebanon"","block_context":{"text":"Lebanon","link":"https:\/\/michelsanti.fr\/en\/category\/lebanon"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/09\/Ayman-Baalbaki-Picadilly-Theater-2019.-Courtesy-of-the-artist-and-Saleh-Barakat-Gallery.jpg?fit=1024%2C768&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/09\/Ayman-Baalbaki-Picadilly-Theater-2019.-Courtesy-of-the-artist-and-Saleh-Barakat-Gallery.jpg?fit=1024%2C768&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/09\/Ayman-Baalbaki-Picadilly-Theater-2019.-Courtesy-of-the-artist-and-Saleh-Barakat-Gallery.jpg?fit=1024%2C768&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/09\/Ayman-Baalbaki-Picadilly-Theater-2019.-Courtesy-of-the-artist-and-Saleh-Barakat-Gallery.jpg?fit=1024%2C768&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":20341,"url":"https:\/\/michelsanti.fr\/en\/capitalism\/700-years-of-interest-rates-to-predict-the-future","url_meta":{"origin":30816,"position":4},"title":"700 years of interest rates to predict the future","author":"Michel Santi","date":"June 8, 2020","format":false,"excerpt":"The bankers of Florence \u2013 the inventors of modern finance \u2013imposed a two-figure interest rate in return for their loans. The usurer Shylock, in Shakespeare\u2019s The Merchant of Venice, was happy with 8%, whereas this service charge on debt had fallen to around 4% at the start of World War\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\/2020\/06\/CgyAm_qW4AALCCn.jpg?fit=600%2C450&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/06\/CgyAm_qW4AALCCn.jpg?fit=600%2C450&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/06\/CgyAm_qW4AALCCn.jpg?fit=600%2C450&ssl=1&resize=525%2C300 1.5x"},"classes":[]},{"id":32153,"url":"https:\/\/michelsanti.fr\/en\/yield\/public-debt-is-not-paid-off-it-is-rented","url_meta":{"origin":30816,"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\/12\/Japon.jpg?fit=1900%2C1282&ssl=1","_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/30816","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=30816"}],"version-history":[{"count":2,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/30816\/revisions"}],"predecessor-version":[{"id":30818,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/30816\/revisions\/30818"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/30811"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=30816"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=30816"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=30816"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}