{"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><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" data-attachment-id=\"30811\" data-permalink=\"https:\/\/michelsanti.fr\/en\/financial-crisis\/it-would-be-very-unwise-to-pretend-that-nothing-is-happening\/attachment\/japon-4-2\" data-orig-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/Japon.jpg?fit=1900%2C1282&amp;ssl=1\" data-orig-size=\"1900,1282\" 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=\"Japon\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/Japon.jpg?fit=1024%2C691&amp;ssl=1\" class=\"alignnone size-full wp-image-30811\" src=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/Japon.jpg?resize=1170%2C789&#038;ssl=1\" alt=\"\" width=\"1170\" height=\"789\" srcset=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/Japon.jpg?w=1900&amp;ssl=1 1900w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/Japon.jpg?resize=300%2C202&amp;ssl=1 300w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/Japon.jpg?resize=1024%2C691&amp;ssl=1 1024w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/Japon.jpg?resize=768%2C518&amp;ssl=1 768w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/Japon.jpg?resize=1536%2C1036&amp;ssl=1 1536w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/Japon.jpg?resize=1200%2C810&amp;ssl=1 1200w\" sizes=\"(max-width: 1170px) 100vw, 1170px\" \/><\/p>\n<p>It would be very unwise to pretend that nothing is happening with government bond yields around the world!<\/p>\n<p>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<p><br data-start=\"319\" data-end=\"322\" \/>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><img data-recalc-dims=\"1\" decoding=\"async\" data-attachment-id=\"30814\" data-permalink=\"https:\/\/michelsanti.fr\/en\/financial-crisis\/it-would-be-very-unwise-to-pretend-that-nothing-is-happening\/attachment\/monde-2\" data-orig-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/monde.jpg?fit=1900%2C1191&amp;ssl=1\" data-orig-size=\"1900,1191\" 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=\"monde\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/monde.jpg?fit=1024%2C642&amp;ssl=1\" class=\"alignnone size-full wp-image-30814\" src=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/monde.jpg?resize=1170%2C733&#038;ssl=1\" alt=\"\" width=\"1170\" height=\"733\" srcset=\"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/monde.jpg?w=1900&amp;ssl=1 1900w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/monde.jpg?resize=300%2C188&amp;ssl=1 300w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/monde.jpg?resize=1024%2C642&amp;ssl=1 1024w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/monde.jpg?resize=768%2C481&amp;ssl=1 768w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/monde.jpg?resize=1536%2C963&amp;ssl=1 1536w, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/12\/monde.jpg?resize=1200%2C752&amp;ssl=1 1200w\" sizes=\"(max-width: 1170px) 100vw, 1170px\" \/><\/p>\n<p>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":"<p>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&hellip;<\/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,"_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":[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":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>It 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! 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Nothing is more credible than a country that invests to avoid decline. Moreover, privileging the quality of spending rather than being eternally fixated on\u2026","rel":"","context":"In &quot;deficit obsession&quot;","block_context":{"text":"deficit obsession","link":"https:\/\/michelsanti.fr\/en\/category\/deficit-obsession"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/drapeau-France.jpg?fit=900%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/drapeau-France.jpg?fit=900%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/drapeau-France.jpg?fit=900%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/06\/drapeau-France.jpg?fit=900%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":29729,"url":"https:\/\/michelsanti.fr\/en\/financial-crisis\/perfect-storm-in-the-land-of-tsunamis","url_meta":{"origin":30816,"position":1},"title":"Perfect storm in the land of tsunamis","author":"Michel Santi","date":"June 30, 2025","format":false,"excerpt":"\u00a0 The Bank of Japan (BOJ) is teetering on the edge of a financial abyss. 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 &quot;financial crisis&quot;","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":2},"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 &quot;Lebanon&quot;","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":20835,"url":"https:\/\/michelsanti.fr\/en\/debt\/taking-on-debt-yes-but-what-for","url_meta":{"origin":30816,"position":3},"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 &quot;debt&quot;","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":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 &quot;capitalism&quot;","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":20279,"url":"https:\/\/michelsanti.fr\/en\/coronavirus-2\/this-might-not-be-a-crisis","url_meta":{"origin":30816,"position":5},"title":"This might not be a crisis!","author":"Michel Santi","date":"May 9, 2020","format":false,"excerpt":"\u00a0 The comparison between the Covid-19-stamped economic crisis and the 2007-2008 crisis is fascinating. Do you remember: at the time, the real economy was suffering the direct consequences of an overindebted banking system that made heavy use of leverage. Faced with this existential threat, the response was rather classic, in\u2026","rel":"","context":"In &quot;coronavirus&quot;","block_context":{"text":"coronavirus","link":"https:\/\/michelsanti.fr\/en\/category\/coronavirus-2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2020\/05\/bad-bank.jpg?fit=500%2C361&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"amp_enabled":true,"_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}]}}