LEVY GARBOUA Vivien

"The French tax system is a mess: complex, unstable and with record levels of taxation. Yet, public opinion continues to expect a lot from taxes: to fight against pollution, to encourage employment or research, to reduce tobacco consumption, to finance schools or public health. The list is endless, and the success of these tax manipulations is rarely achieved. Governments do not appreciate the reactions of taxpayers and often miss their target, not without wasting public money in the process. Tax policy is also about social justice. But to promote equality of opportunity and improve the situation of the poorest, there is no need to be obsessed with the richest one percent - which will remain so. How did we get here? What are the principles of a "good tax? This book sheds light on the current situation. It is also a call to reform and to fight against the doxa of "all-state" and "all-tax". Let us agree to break some taboos".

Keynes presented "zero interest rates" as a weapon for the euthanasia of the rentier. But we are also witnessing the disappearance of banks, the even faster disappearance of life insurers if they do not change their model, the chronic instability of financial markets, the painful transformation of central banks... in short, the explosion of a financial system that we have been trying to rebuild since the financial crisis of 2007-2008 with rules and standards. And in the face of this, over-indebted states dream of escaping the constraints by borrowing painlessly, companies can reinvest in projects, young people are finally going to create their own business, and less young savers are forced to take risks they did not want to when the world seemed calm. This book invites us to understand the transformation underway, starting from what is at the heart of our economies: the price of money. And to travel to the end of our economy, which is changing before our eyes into a new world. A world where it is no longer enough to reverse the unemployment curve, but rather to eliminate it. This journey is well worth a detour through economic theory.

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".

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The back cover states: "Is the euro crisis a continuation of the financial and economic crisis in the United States in 2007-2008? Triggered by concerns about excessive debt in Greece and some other southern European countries, it has shaken the European project itself. Its consequences are not only monetary, banking and economic, they are also institutional and political. And the story is far from over. In order to examine the mechanisms that led Europe to this situation, this book proposes to go back to the words, those of finance, those of European construction, those of economic policies and institutional choices, in order to clearly present the origins of the crisis, its developments and the paths to follow to get out of it.

Is the euro crisis a continuation of the financial and economic crisis in the United States in 2007-2008? Triggered by concerns about excessive debt in Greece and some other southern European countries, it has shaken the European project itself. Its consequences are not only monetary, banking and economic, they are also institutional and political. And the story is far from over. In order to examine the mechanisms that led Europe to this situation, this book proposes to go back to the words, those of finance, those of European construction, those of economic policies and institutional choices, in order to clearly present the origins of the crisis, its developments and the paths to follow to get out of it.

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For more than two years, we have been living through the international financial crisis in an avalanche of information, images and statistics, combining the technical sophistication of experts, racy shortcuts and the anxiety-inducing movement of the markets. Here are 100 words to simply explain the financial system in which we live, to understand the chain of markets and its logic, to perceive the effects of an omnipresent debt, to define the actors of this crisis, to present remedies and the possible modes of regulation. 100 words, like pieces of a puzzle, to get a global picture. And to think about the future.

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