{"id":32098,"date":"2026-08-16T13:23:49","date_gmt":"2026-08-16T11:23:49","guid":{"rendered":"https:\/\/michelsanti.fr\/?p=32098"},"modified":"2026-08-16T13:24:51","modified_gmt":"2026-08-16T11:24:51","slug":"debt-has-seized-power","status":"publish","type":"post","link":"https:\/\/michelsanti.fr\/en\/debt\/debt-has-seized-power","title":{"rendered":"Debt has seized power"},"content":{"rendered":"

\"\"<\/p>\n

 <\/p>\n

The United States is now borrowing at ultra-long maturities at interest rates that have reached their highest level in twenty years.<\/p>\n

And yet the economy is slowing and inflation is easing\u2014conditions that would normally drive interest rates sharply lower.<\/p>\n

But that is not happening, because:<\/p>\n

markets are no longer focused on the economic cycle. They are now staring into the abyss of U.S. debt.<\/strong><\/p>\n

Investors are demanding a risk premium<\/em>\u2014additional interest to compensate for the growing threat of uncertain solvency.<\/p>\n

In other words, it is no longer the health of the economy that determines the price of money. It is the bill\u2014and the fracture\u2014of debt.<\/p>\n

And there is, of course, no reason why this phenomenon should remain confined to the United States.<\/p>\n","protected":false},"excerpt":{"rendered":"

  The United States is now borrowing at ultra-long maturities at interest rates that have reached their highest level in twenty years. And yet the economy is slowing and inflation is easing\u2014conditions that would normally drive interest rates sharply lower. But that is not happening, because: markets are no longer focused on the economic cycle.…<\/p>\n","protected":false},"author":4,"featured_media":32105,"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":[648941303,648942282],"tags":[],"class_list":["post-32098","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt","category-financial-crisis"],"yoast_head":"\nDebt has seized power - 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\/debt\/debt-has-seized-power\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Debt has seized power - Michel Santi\" \/>\n<meta property=\"og:description\" content=\"  The United States is now borrowing at ultra-long maturities at interest rates that have reached their highest level in twenty years. And yet the economy is slowing and inflation is easing\u2014conditions that would normally drive interest rates sharply lower. 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It immediately saves 1.2 percentage points\u2014provided interest rates do not rise. In many respects, that is precisely what the US government is doing. The numbers add up As of August 4, 2026, borrowing\u2026","rel":"","context":"In "Floating rate"","block_context":{"text":"Floating rate","link":"https:\/\/michelsanti.fr\/en\/category\/floating-rate"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/santi-eng.jpg?fit=1200%2C655&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/santi-eng.jpg?fit=1200%2C655&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/santi-eng.jpg?fit=1200%2C655&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/santi-eng.jpg?fit=1200%2C655&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/santi-eng.jpg?fit=1200%2C655&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":20341,"url":"https:\/\/michelsanti.fr\/en\/capitalism\/700-years-of-interest-rates-to-predict-the-future","url_meta":{"origin":32098,"position":3},"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":19376,"url":"https:\/\/michelsanti.fr\/en\/european-union\/the-rome-syndrome","url_meta":{"origin":32098,"position":4},"title":"The Rome syndrome","author":"Michel Santi","date":"April 11, 2019","format":false,"excerpt":"\u00a0 The Italians were, for centuries, Europe\u2019s bankers. The Medici\u2019s, for their part, lent extensively to the British and French crowns. Let us not forgetthe marriage \u2013 of convenience \u2013 between Henry IV and Marie de Medicis, who was also known as \u201cthe fat banker\u2019s daughter\u201d. What happened in the\u2026","rel":"","context":"In "European Union"","block_context":{"text":"European Union","link":"https:\/\/michelsanti.fr\/en\/category\/european-union"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2019\/04\/crise-italie.jpg?fit=350%2C350&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":13746,"url":"https:\/\/michelsanti.fr\/en\/interest-rates\/no-economic-recovery-without-political-courage","url_meta":{"origin":32098,"position":5},"title":"No economic recovery without political courage","author":"Michel Santi","date":"June 20, 2017","format":false,"excerpt":"Seven years of growth, and three rates rises in a few months. But the US economy is nevertheless at the dawning of a recession! In spite of the monetary policy which seems to be on its way to normalisation, interest rates will never be \u2013 when the next, imminent crisis\u2026","rel":"","context":"In "growth"","block_context":{"text":"growth","link":"https:\/\/michelsanti.fr\/en\/category\/growth"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"amp_enabled":true,"jetpack_featured_media_url":"https:\/\/i0.wp.com\/michelsanti.fr\/wp-content\/uploads\/2026\/08\/japon.jpg?fit=1900%2C1036&ssl=1","_links":{"self":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/32098","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=32098"}],"version-history":[{"count":2,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/32098\/revisions"}],"predecessor-version":[{"id":32109,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/posts\/32098\/revisions\/32109"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media\/32105"}],"wp:attachment":[{"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/media?parent=32098"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/categories?post=32098"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/michelsanti.fr\/en\/wp-json\/wp\/v2\/tags?post=32098"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}