Sublime

Unlike capitalism it believes that the free market, without periodic redistributions, creates inequalities that are ultimately unsustainable because they deprive some individuals of independence and hope.

Un financement monétaire encastré dans des objectifs politiques – plutôt que financiers, comme c’est le cas aujourd’hui – instaure un financement du Trésor hors marché, via les canaux administrés de captation de l’épargne nationale, ou via des interventions de la banque centrale sur les marchés des obligations d’État qui serviraient explicitement u

Il faudrait changer radicalement les règles du jeu. Cela suppose d’abord de lever deux tabous qui sont à la base de la construction européenne voire de la mondialisation néolibérale : le tabou du protectionnisme et celui de l’inflation. Le projet de la décroissance implique, pour la période de transition pendant laquelle, en attendant de pouvoir ab

While it is unlikely that the United States, Japan, or any other country will soon enter hyperinflation, the situation could change in the future if any of the central banks were to lose their independence or continue to coordinate their actions with their treasuries.

The challenge is how to get the state to do the job when avoiding the free market outcome is precisely the goal.

This trilemma was first mentioned by economists Flemming and Mudell in the 1960s and describes the trade-off between (i) exchange rate stability, (ii) autonomous monetary policy, and (iii) capital mobility24 that national currencies are facing.

“The Global Economy as an Adaptive Process,” at seven pages and zero equations, is well worth a read. Holland recounts many, now familiar, difficulties in mathematical analysis of economics that assume linearity, exclusively negative feedback loops, equilibria, and so on, before proposing that the economy is best thought of as what he calls an adap

This analysis does not mean that cross-border flows of capital should be severely stifled, much less eliminated entirely. But within the category of foreign capital, some types pose greater risks than others, much as certain kinds of cholesterol are beneficial for the heart while others clog the arteries. In the "good cholesterol" capital

“An amount of money lent to a government, and the interest amount charged, is assumed to be risk-free because it is in turn assumed that a government can tax, borrow, or print further amounts of money to pay its debt. These three options are indeed available to a modern government, but one must not ignore the fact that the government has no access