{"id":31004,"date":"2026-01-24T16:21:49","date_gmt":"2026-01-24T15:21:49","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=31004"},"modified":"2026-01-24T16:21:49","modified_gmt":"2026-01-24T15:21:49","slug":"in-davos-a-weak-signal-rising-from-the-systems-inner-workings","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/legitimacy\/in-davos-a-weak-signal-rising-from-the-systems-inner-workings","title":{"rendered":"In Davos, a Weak Signal Rising from the System\u2019s Inner Workings"},"content":{"rendered":"

\"\"<\/p>\n

 <\/p>\n

 <\/p>\n

We never really sought to be right against everyone. We simply tried, over the years, to describe an economic and financial system that does not malfunction by accident, but by structure. For a long time, this kind of analysis was seen as excessive and pushed to the margins.<\/p>\n

Yet a few days ago in Davos, Jamie Dimon \u2013 CEO of JPMorgan Chase, the embodiment of Wall Street \u2013 delivered a troubling message. Not the words of an activist, nor those of a critical economist: the words of a man who runs the largest American bank. He did not speak as a moralist, nor did he invoke social justice. Dimon spoke as a manager, a technician of growth, which makes his intervention all the more significant.<\/p>\n

He stated that targeted public spending, directed straight toward those who need it \u2013 vulnerable middle\u2011class households, precarious workers, deindustrialized regions \u2013 would stimulate growth instead of slowing it. He dismissed the obsessions of \u201cbudget panic,\u201d acknowledging that modest tax increases can be justified, provided that the money collected genuinely benefits citizens rather than dissolving into what he calls Washington\u2019s \u201cblack hole.\u201d<\/p>\n

 <\/p>\n

Dimon went further<\/strong><\/h3>\n

Calling the U.S. Congress a \u201cswamp\u201d dominated by some 17,000 lobbying groups, Dimon admitted that banks and large corporations \u2013 his own world, in fact \u2013 are an integral part of the problem.<\/p>\n

He cited the CHIPS Act, a $52\u2011billion law meant to revive the semiconductor industry, which he says has become a hypertrophied mechanism, distorted by special interests and incapable of producing a real economic strategy.<\/p>\n

It was at that precise moment that the moderator (Zanny Minton Beddoes, The Economist<\/em>) cut him off with a \u201cwe\u2019re running out of time.\u201d<\/p>\n

Although rare, such statements from someone of Dimon\u2019s stature draw a fault line, revealing a system beginning to doubt itself \u2013 not out of altruism, but out of pragmatism.<\/p>\n

 <\/p>\n

A Moment That Matters<\/strong><\/h3>\n

That the head of America\u2019s largest bank admits that public money should be redistributed to citizens, that lobbies suffocate democracy, that industrial policies now serve only private interests is anything but anecdotal. It is an admission that the system is reaching its limits \u2013 that its own guardians are beginning to doubt it.<\/p>\n

No spectacular rupture, no intellectual revolution. Rather, a weak signal of a malaise now spreading to the system\u2019s core.<\/p>\n

For a long time, we were among the very few describing these mechanisms: the capture of politics by private interests, the extreme concentration of wealth, the privatization of profits and the socialization of losses. Our analyses were systematically relegated outside the central field of debate, but they are now returning. What has changed is not their content, but their source.<\/p>\n

 <\/p>\n

A Functional Crisis, Not an Ideological One<\/strong><\/h3>\n

I have never argued that capitalism should be overthrown, but that it cannot function sustainably in its current form. That a capitalism built on debt as an artificial engine of growth, on the concentration of resources, and on the subordination of politics to finance becomes progressively incompatible with democracy. That it generates instability, resentment, and a loss of legitimacy.<\/p>\n

It is hard to misread the gravity of the malaise.<\/p>\n

The work of Hyman Minsky, among others, has shown that instability is not an accident of financial capitalism, but one of its structural components. Crises, bubbles, violent adjustments are not external anomalies, but the secretions of a model that prioritizes short\u2011term profitability above all else.<\/p>\n

What is at stake is not ideological but functional.<\/p>\n

 <\/p>\n

The Art of Diagnosis Without Remedy<\/strong><\/h3>\n

Davos is a familiar place for such observations. The harshest diagnoses are often voiced there, usually without consequence. One can say almost anything there, as long as nothing changes. The art of diagnosis without remedy. Yet the speed with which Dimon\u2019s remarks were interrupted is revealing. The limits of acceptable discourse suddenly appear with brutal clarity, even when a respected Wall Street leader says that money should go directly to people, that growth should rely on real investment rather than the endless rotation of lobbyists.<\/p>\n

There is no coincidence here: when an economic system reserves prosperity for a minority while pushing the middle classes into precarity, it undermines the very foundations of liberal democracy. A system that can no longer direct resources toward the common good \u2013 even when it has the means to do so \u2013 gradually erodes the support of those it is meant to serve. It can endure, it is resilient, but it becomes politically fragile over time.<\/p>\n

 <\/p>\n

The Time of Legitimacy<\/strong><\/h3>\n

No one should claim victory, for this is a warning signal. When even those who embody the system begin to doubt it publicly, we enter a new phase \u2013 not one of collapse, but of loss of legitimacy. The system continues to function even though no one truly believes in it anymore.<\/p>\n

The question is no longer whether the system is in crisis, but whether its own guardians will have the courage to reform it before it is too late. A capitalism that loses the confidence of its elites is a capitalism doomed to instability.<\/p>\n","protected":false},"excerpt":{"rendered":"

    We never really sought to be right against everyone. We simply tried, over the years, to describe an economic and financial system that does not malfunction by accident, but by structure. For a long time, this kind of analysis was seen as excessive and pushed to the margins. 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The wife was killed. The child was killed. During negotiations. And now we wait for the successor to be reasonable. Is that the calculation, the strategy? Eliminate the supreme leader at the beginning of the conflict, hope for a more\u2026","rel":"","context":"In "Authoritarian succession"","block_context":{"text":"Authoritarian succession","link":"https:\/\/michelsanti.fr\/en\/category\/authoritarian-succession"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/02\/chateau-de-billets.jpg?fit=800%2C582&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/02\/chateau-de-billets.jpg?fit=800%2C582&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/02\/chateau-de-billets.jpg?fit=800%2C582&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/02\/chateau-de-billets.jpg?fit=800%2C582&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":30105,"url":"https:\/\/michelsanti.fr\/en\/capitalism\/what-central-banks-owe-to-marx","url_meta":{"origin":31004,"position":1},"title":"What central banks owe to Marx","author":"Michel Santi","date":"August 23, 2025","format":false,"excerpt":"\u00a0 \u00a0 \u00abThe centralization of credit in the hands of the State, through a national bank and an exclusive monopoly.\u00bb You have recognized this quote from Karl Marx appears in \u00abThe Communist Manifesto\u00bb\u00a0(Chapter II, 1848), where the author lists the economic measures aimed at transforming capitalist society into a socialist\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\/08\/Marx-BCE.jpg?fit=800%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/08\/Marx-BCE.jpg?fit=800%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/08\/Marx-BCE.jpg?fit=800%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2025\/08\/Marx-BCE.jpg?fit=800%2C1200&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":25080,"url":"https:\/\/michelsanti.fr\/en\/china\/china-revolt-of-the-partys-elderly-leaders","url_meta":{"origin":31004,"position":2},"title":"China: Revolt of the Party’s Elderly Leaders ?","author":"Michel Santi","date":"September 7, 2023","format":false,"excerpt":"In Beijing, it's the revolt of the elderly! Those who have led the Communist Party, these former leaders who presided over and orchestrated China's rise to power until Xi's accession, are now demanding accountability. It has recently come to light that they gathered in late August in the Hebei Province,\u2026","rel":"","context":"In "China"","block_context":{"text":"China","link":"https:\/\/michelsanti.fr\/en\/category\/china"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/09\/Xi-Li.jpg?fit=1060%2C523&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/09\/Xi-Li.jpg?fit=1060%2C523&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/09\/Xi-Li.jpg?fit=1060%2C523&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/09\/Xi-Li.jpg?fit=1060%2C523&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2023\/09\/Xi-Li.jpg?fit=1060%2C523&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":21302,"url":"https:\/\/michelsanti.fr\/en\/keynes-en\/should-we-be-scared-of-the-government","url_meta":{"origin":31004,"position":3},"title":"Should we be scared of the government?","author":"Michel Santi","date":"March 29, 2021","format":false,"excerpt":"Government always caused fear and those who we now call \u201clibertarians\u201d always viewed public powers gaining momentum with unease since the expansion of a government\u2019s remit has been interpreted by many citizens across the Western world as a rolling back of their own freedoms. For those who subscribe to this\u2026","rel":"","context":"In "big government"","block_context":{"text":"big government","link":"https:\/\/michelsanti.fr\/en\/category\/big-government"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":21416,"url":"https:\/\/michelsanti.fr\/en\/austerity-2\/these-germans-insulting-keynes-and-the-citizens-of-europe","url_meta":{"origin":31004,"position":4},"title":"These Germans insulting Keynes and the citizens of Europe","author":"Michel Santi","date":"June 8, 2021","format":false,"excerpt":"\u00a0 On June 2nd Wolfgang Sch\u00e4uble, President of the German Bundestag and former Minister of Finance of the country decided to pen a piece for the Financial Times where he invokes multiple times the spirit of the great Keynes, quoting him on no less than six occasions! During Europe\u2019s great\u2026","rel":"","context":"In "austerity"","block_context":{"text":"austerity","link":"https:\/\/michelsanti.fr\/en\/category\/austerity-2"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/06\/WS.png?fit=1188%2C1200&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/06\/WS.png?fit=1188%2C1200&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/06\/WS.png?fit=1188%2C1200&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/06\/WS.png?fit=1188%2C1200&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2021\/06\/WS.png?fit=1188%2C1200&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":19686,"url":"https:\/\/michelsanti.fr\/en\/inflation\/inflation-of-prices-deflation-of-policies","url_meta":{"origin":31004,"position":5},"title":"Inflation of prices, deflation of policies","author":"Michel Santi","date":"October 10, 2019","format":false,"excerpt":"So you think you understand inflation? Allow me to correct you because it is in no way the result of an unreasonable expansion of the money supply that translates into a rise in prices. This clich\u00e9d term of \u201cinflation\u201d, used unscrupulously by the detractors of central banks, by the prophets\u2026","rel":"","context":"In "inflation"","block_context":{"text":"inflation","link":"https:\/\/michelsanti.fr\/category\/inflation"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/10\/inflation-300x213.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/31004","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=31004"}],"version-history":[{"count":2,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/31004\/revisions"}],"predecessor-version":[{"id":31009,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/31004\/revisions\/31009"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/31007"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=31004"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=31004"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=31004"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}