Bertille Bayart: "The dangerous game of debt erasers"

It's as beautiful as a conversation at Flore's café.

It has the aesthetic of a dialectic that ends with the obvious.

The public debt weighs on us, let's get rid of it.

Let us erase this mass of debt that we owe to ourselves, these 2,400 billion euros of securities issued by the States of the euro zone, and that the European Central Bank has bought back on the markets and stored in its balance sheet.

For example, 550 billion of Italian debt would be eliminated (including 186 billion during the year of this pandemic alone, according to Berenberg).

The level of French public debt - 116.2% at the end of 2020 and 122.4% expected at the end of 2021 - would suddenly deflate by more than 20 points (596 milliads).

And, no one would be robbed since we would not touch the debt securities held by savers, whether European or international.

Read also:

France facing the wall of colossal debt

After the time of the seemingly magical money that has flowed freely since March would come the stage of sleight of hand.

The reasoning holds.

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