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The Reduction of Public Debt, the Heart of a Monetary Reform

In: Financial Innovations and Monetary Reform

Author

Listed:
  • Jean-François Serval

    (Groupe Audit - Serval & Associes)

  • Jean-Pascal Tranié

    (Aloe Private Equity)

Abstract

The only way to escape the current unhealthy situation in which risks and their remuneration are not balanced and in which the existence of zero or effectively negative rates (inflation higher than remuneration) represents a form of violation of the social contract in which all citizens participate, is to find the mechanism that will allow all particular interests to converge and to leave society the room for maneuver necessary to achieve fundamental objectives accepted by all. This means, in concrete terms, that it is imperative to reduce the debts owed in order to re-establish a system of capital remuneration with interest on bonds and dividends on shares, proportional to the market’s appreciation of the risk, without the intervention of the States to disturb the free will of the market. A massive reduction in the stock of public debt is necessary.

Suggested Citation

Handle: RePEc:spr:fuobcp:978-3-031-24189-5_7
DOI: 10.1007/978-3-031-24189-5_7
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