{"id":32065,"date":"2026-08-10T11:48:03","date_gmt":"2026-08-10T09:48:03","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=32065"},"modified":"2026-08-10T11:54:00","modified_gmt":"2026-08-10T09:54:00","slug":"the-free-ride-of-the-creditors","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/abyssal-deficit\/the-free-ride-of-the-creditors","title":{"rendered":"The Free Ride of the Creditors"},"content":{"rendered":"

\"\"<\/p>\n

 <\/p>\n

The global trading system does not penalise surpluses. A country can durably suppress domestic demand \u2014 restrained wages, high savings, tight fiscal policy \u2014 to maximise manufacturing competitiveness.\u00a0The surplus costs it nothing: deficit partners absorb the adjustment through debt, deindustrialisation and pressure on employment.<\/p>\n

Keynes foresaw this at Bretton Woods in 1944: his clearing union and bancor were designed to force creditors to stimulate their own demand. The proposal was set aside. The problem is therefore systemic, not Chinese. South Korea illustrates it \u2014 a record $49.7bn current-account surplus in June 2026, driven by semiconductors \u2014 and Germany more still, running surpluses of 6 to 8 percent of GDP for twenty-five years inside a euro area stripped of exchange-rate adjustment.<\/p>\n

Absent symmetric rebalancing, under-consuming remains a winning strategy \u2014 paid for by everyone else.<\/p>\n","protected":false},"excerpt":{"rendered":"

  The global trading system does not penalise surpluses. A country can durably suppress domestic demand \u2014 restrained wages, high savings, tight fiscal policy \u2014 to maximise manufacturing competitiveness.\u00a0The surplus costs it nothing: deficit partners absorb the adjustment through debt, deindustrialisation and pressure on employment. Keynes foresaw this at Bretton Woods in 1944: his clearing…<\/p>\n","protected":false},"author":4,"featured_media":32067,"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_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":[648942706,648942941,648941271],"tags":[],"class_list":["post-32065","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-abyssal-deficit","category-balance-sheet-reduction","category-competitiveness"],"yoast_head":"\nThe Free Ride of the Creditors - 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\/abyssal-deficit\/the-free-ride-of-the-creditors\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Free Ride of the Creditors - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"  The global trading system does not penalise surpluses. A country can durably suppress domestic demand \u2014 restrained wages, high savings, tight fiscal policy \u2014 to maximise manufacturing competitiveness.\u00a0The surplus costs it nothing: deficit partners absorb the adjustment through debt, deindustrialisation and pressure on employment. 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A Pyrrhic victory, the symbol of an economy running out of steam. For the first time in nearly a decade, France is posting a trade surplus. 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Despite the stagnation of its national consumption, China is racking up trade surpluses in the way of 94 billion dollars per month. 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As for the German government, its objective is to clear its public debt and run a budget surplus. So why would it now trouble itself with the endemic deceleration of the country\u2019s domestic investment, which\u2026","rel":"","context":"In "Germany"","block_context":{"text":"Germany","link":"https:\/\/michelsanti.fr\/en\/category\/germany"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":27463,"url":"https:\/\/michelsanti.fr\/en\/tariffs\/how-to-resist-economic-vassalization","url_meta":{"origin":32065,"position":3},"title":"The exorbitant burden","author":"Michel Santi","date":"February 3, 2025","format":false,"excerpt":"\u00a0 \"We consider it unlikely that customs tariffs will be put in place. The weapon of customs tariffs will always be loaded and ready to be used, but rarely triggered. 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This iniquitous treaty was to provoke the Occupation of the Ruhr in 1923 by France, displeased at the delays in German payments. In\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\/2018\/10\/versailles_traite.jpg?fit=848%2C730&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/versailles_traite.jpg?fit=848%2C730&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/versailles_traite.jpg?fit=848%2C730&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/versailles_traite.jpg?fit=848%2C730&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":13763,"url":"https:\/\/michelsanti.fr\/en\/neoliberalism\/public-debt-and-fake-news","url_meta":{"origin":32065,"position":5},"title":"Public debt and fake news","author":"Michel Santi","date":"September 18, 2017","format":false,"excerpt":"Over the course of its history, the United States of America has seen six episodes of budget surplus. Five of them were immediately followed by depressions. Let us never forget that the orthodoxy \u2013 already powerful at the time \u2013 had pushed President Herbert Hoover to maintain a budget surplus\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\/2018\/10\/fake-news.jpg?fit=743%2C481&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/fake-news.jpg?fit=743%2C481&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/fake-news.jpg?fit=743%2C481&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2018\/10\/fake-news.jpg?fit=743%2C481&ssl=1&resize=700%2C400 2x"},"classes":[]}],"amp_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/coree.jpg?fit=1900%2C1151&ssl=1","_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/32065","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=32065"}],"version-history":[{"count":3,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/32065\/revisions"}],"predecessor-version":[{"id":32072,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/32065\/revisions\/32072"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/32067"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=32065"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=32065"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=32065"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}