Public debts adrift: anatomy of a financially fragile world.

Summary The back cover states: "Since the financial crisis of 2008, the fear of deflation has taken precedence over all other considerations in defining economic policies. The "unconventional" measures implemented by the central banks have made it possible to significantly lower interest rates and to make sluggish growth bearable, but they have removed any financing constraint from the States, whose indebtedness has drifted in a worrying manner. The phenomenon is global and it is hard to see what "miracle" could reverse the trend. While monetization will prevent governments from defaulting, it would be imprudent to think that it will erase their debts painlessly. The lessons of history teach us that settling situations of excessive debt always has consequences for the organization of financial circuits and the distribution of wealth. At a time when all the ingredients for a new global crisis seem to be present, the experts of the Cercle Turgot show how the drift of public debts has progressively plunged our economies into a critical situation".