Today, public debt is haunting political debates. After the COVID-19 shock on the world
economy, public debt has risen sharply. It is unlikely to ever be repaid.
What is happening? Have we lost our minds? How can we lend if we know we will never be
It is the answer to this simple question that will break the deadlock in which the world
economy has been stuck for 20 years. With, in the end, always more debt for less growth.
To answer this question, this book starts from the observation that public debt is not
the same kind of debt that ordinary people can contract among themselves or with their
banks, even if the words and legal forms used are the same. Indeed, public debt is above all a
particular form of money, because money, like public debt, is above all a credit on all citizens.
The money we use is also an acknowledgement of debt. We cannot therefore reason about
public debt by making analogies with private debt. The substance of the subject should not
be confused with the usual conventional forms.
Because it’s also money, public debt can be cancelled without destabilizing the activity.
Fortunately, because this measure is necessary to unblock political and economic actors, but
the prosperity desired by all requires real monetary reforms and reforms of the international
monetary system to eliminate the inexorable trend of indebtedness observed over the last
40 years : we need a great reset for the financial system.