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Santi, Michel

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4 articles of this author have been cited in the European Press Review so far.

La Tribune - France | 19/10/2015

IS clueless about economics

At the start of September the IS terrorist organisation posted a film on the Internet announcing that it wants to introduce gold as a means of payment. The idea is supposed to symbolise a return to the days of a glorious caliphate. But it also shows that the IS doesn't have a clue when it comes to economics, the liberal daily La Tribune points out: "The fact that the IS wants to deal a severe blow to the US economy with this move testifies to a profound ignorance of the rudiments of macroeconomics. Because in the modern era money is issued entirely in function of a country's GDP. Hence a functioning economy can never be backed by the circulation of gold and silver, because there is not enough of these precious metals on earth to cover the value of the world's commercial and financial transactions."

La Tribune - France | 23/02/2015

Euro crisis a struggle between rich and poor

The conflict lines in the euro crisis do not run between nations, as one might think, but between social groups, the liberal business paper La Tribune contends: "The dividing line that really counts, and which must be clearly identified so it be combated more effectively, is the one that separates the business world and financial elites (who have for the most part benefited before, during and after the crisis) from the masses of middle-class employees and workers in Germany, France, Greece and other countries. In other words, within Europe a merciless war is raging between economic groups and castes, and not between nations. To understand this is to already take a step towards a solution while hindering the rise of the far right."

La Tribune - France | 09/12/2013

Recovery not due to austerity

Even for crisis countries like Spain and Greece, current forecasts predict slight economic growth. But that doesn't mean the austerity policy is bearing fruits, the liberal business paper La Tribune writes with an eye to typical economic patterns: "The countries that imposed the harshest austerity programmes are currently experiencing the greatest falloff in growth and the most spectacular rise in their debts. Growth is like a ball that automatically rebounds once it hits the floor: even without any stimulus it bounces back. The economy is like people: they recover after a setback and get back on their feet. Except that the economies that were hard hit by austerity are recovering extremely slowly and will never again attain their pre-crisis levels."

La Tribune - France | 26/08/2013

Fed must protect emerging countries

There are growing indications that the US Federal Reserve is preparing to end its relaxed monetary policy. Fed Chairman Ben Bernanke announced at the end of May that the money tap would slowly be turned off as the US economy improves. Investors are reacting by taking urgently needed money out of emerging economies and investing it in the US. A fateful trend, the liberal daily La Tribune warns: "Currently the Fed can still save what's left to be saved by putting an end to this infernal configuration and announcing that it will continue with its policy of money creation. This will allow the emerging countries to introduce vital reforms that will enable them to deal with the end of quantitative easing when it comes. That will be once the American economy has proven it can grow without such interest rate reductions. ... Our world is standing at a crossroads. It will face new economic and financial turmoil if the Western central bankers make the wrong moves under the influence of neoliberals."

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