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Olivier Blanchard
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From Nicolas Dufrene's @nico_dufrene answer to Quentin @QuentinVandewe2 and me in Le Monde: "Et qui paie ? Seulement la banque centrale qui rémunère les réserves bancaires. Et encore, si l’on veut éviter de prolonger cette rémunération – la seule objection technique qui subsiste une fois les autres écartées –, une solution existe : la banque centrale peut simplement cesser de les rémunérer et augmenter les réserves obligatoires. Blanchard et Vandeweyer le reconnaissent, mais qualifient cela de « répression financière ». Qu’on en juge : les banques perdraient alors une rémunération injustifiée…
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14 September
President of the French Republic since 2017.
Aux côtés du Premier ministre irakien Ali Faleh Al-Zaidi, qui a choisi la France pour la première étape de sa tournée européenne. Un choix qui compte et montre que la France peut jouer un rôle d’équilibre. Agir pour la stabilité de la région, c’est défendre les intérêts des Français. Sécuriser nos approvisionnements énergétiques en travaillant à la désescalade et en développant des routes alternatives au détroit d’Ormuz, c’est réduire la pression sur le prix à la pompe. Développer notre coopération de défense et de sécurité avec nos partenaires, c’est continuer ensemble la lutte sans relâche… English, from French Alongside the Iraqi Prime Minister Ali Faleh Al-Zaidi, who chose France for the first stop on his European tour. A choice that matters and shows that France can play a balancing role. Acting for the stability of the region means defending the interests of the French people. Securing our energy supplies by working towards de-escalation and developing alternative routes to the Strait of Hormuz means reducing pressure on pump prices. Developing our defense and security cooperation with our partners means continuing the relentless fight together…
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13 September
Economist; former chief economist of the International Monetary Fund.
9 September
Prime Minister of Canada since March 2025; formerly governor of the Bank of Canada and the Bank of England.
Nous bâtissons en grand. De nouveaux grands projets d’énergie propre à Terre-Neuve-et-Labrador. Six brise-glaces fabriqués au Canada. Plus de 300 voitures voyageurs de VIA Rail construites ici même, au pays, et ce n’est que pour le mois dernier. Nous nous donnons bien plus que ce que les autres peuvent nous enlever. English, from French We're building big. New clean energy projects in Newfoundland and Labrador. Six icebreakers built in Canada. More than 300 VIA Rail passenger cars built right here at home, and that's just for last month. We're giving ourselves much more than others can take away.
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6 September
Prime Minister of Canada since March 2025; formerly governor of the Bank of Canada and the Bank of England.
Economist; former chief economist of the International Monetary Fund.
Quelle eloquence ! Quelle incomprehension de l'economie ! (ou peut-etre quel cynisme? Comment distinguer entre les deux?) Je me permets de reproduire le debut mon article du Monde, avec Quentin Vandeweyer, sur l'annulation de la dette detenue par la banque centrale. Le point de base est simple: Au mieux, ca ne sert a rien. Les details sont plus compliques, mais ne changent pas la conclusion, ou la rendent pire. Une mesure a eviter a tout prix. " Pierre et Paul possèdent ensemble une entreprise. Vous êtes le banquier de celle-ci et vous lui avez prêté de l’argent. Vous apprenez un matin que Pi… English, from French What eloquence! What a misunderstanding of economics! (or perhaps what cynicism? How to distinguish between the two?) I take the liberty of reproducing the beginning of my article in Le Monde, with Quentin Vandeweyer, on the cancellation of debt held by the central bank. The basic point is simple: At best, it's useless. The details are more complicated, but they don't change the conclusion, or they make it worse. A measure to be avoided at all costs. "Pierre and Paul together own a company. You are its banker and you have lent it money. You learn one morning that Pi...
lemonde.fr
Quoting @JLMelenchon La Banque centrale européenne possède une quantité énorme de dette de l'État français. Je propose à tous les États de la zone euro d'annuler cette dette détenue par la BCE. Nous sommes tous membres du système euro, c'est donc une dette que nous nous devons à nous-mêmes. L'officialité médiatique a t… Related
29 August
Economist; former chief economist of the International Monetary Fund.
There were some long (too long) tweets earlier which stated it carefully. The basic point is that the decrease in interest payments is offset by a decrease in transfers from the central bank, leaving the deficit unchanged. This is the sense in which it makes no difference, except accounting. Then, there is a thousand caveats, which Quentin and others have discussed, and then the psychological/political effects that make things worse. But the basic point is the basic point. :) Quoting @JohnHCochrane Olivier: I know tweets are short, but you really should qualify “makes no difference”. To what—and not to what else? Inflation? Can all countries and banks default on all assets held by ecb with “no difference?” You don’t mean that of course. Don’t let them misquote you! interest rates Related
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