{"id":964,"date":"2022-11-25T15:21:00","date_gmt":"2022-11-25T14:21:00","guid":{"rendered":"http:\/\/ahhjgrk.cluster028.hosting.ovh.net\/?p=964"},"modified":"2024-01-11T10:13:41","modified_gmt":"2024-01-11T09:13:41","slug":"post-4","status":"publish","type":"post","link":"https:\/\/www.serval-associes.eu\/en\/post-4\/","title":{"rendered":"Philippe Mudry analyses the \"great conversion\" in Les Echos"},"content":{"rendered":"<div data-elementor-type=\"wp-post\" data-elementor-id=\"964\" class=\"elementor elementor-964\">\n\t\t\t\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-14c07d3c elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"14c07d3c\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5b73ad2e\" data-id=\"5b73ad2e\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t\t\t<div class=\"elementor-element elementor-element-58a46ac2 elementor-widget elementor-widget-text-editor\" data-id=\"58a46ac2\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.15.0 - 20-08-2023 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<!-- wp:paragraph -->\n<p>Philippe Mudry, former CEO of L'Agefi, wrote an article in Les Echos on 23 November in which he provides a very detailed analysis of the thinking of Jean-Fran\u00e7ois Serval and Jean-Pascal Trani\u00e9 on the monetary policy needed to get out of the \"debt trap\". Philippe Mudry endorses the approach proposed by the co-authors in their latest book*, an approach he describes, very aptly, as the \"great conversion\".  A \"conversion\" which, as the author points out, consists of transforming excess debt, now worthless because it does not earn interest, into equity capital invested in the real economy, via profitable infrastructure projects.&nbsp;<\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:paragraph -->\n<p>*&nbsp;<em>\"Financial innovation and monetary reform or how to escape the debt trap\" (Gualino)<\/em><\/p>\n<!-- \/wp:paragraph -->\n\n<!-- wp:file {\"id\":1168,\"href\":\"http:\/\/ahhjgrk.cluster028.hosting.ovh.net\/wp-content\/uploads\/2023\/11\/Opinion-La-solution-pour-rembourser-la-dette-la-grande-conversion.pdf\",\"displayPreview\":true} -->\n<div class=\"wp-block-file\"><object class=\"wp-block-file__embed\" data=\"http:\/\/ahhjgrk.cluster028.hosting.ovh.net\/wp-content\/uploads\/2023\/11\/Opinion-La-solution-pour-rembourser-la-dette-la-grande-conversion.pdf\" type=\"application\/pdf\" style=\"width:100%;height:600px\" aria-label=\"Opinion-The-solution-to-repay-the-debt-the-great-conversion\"><\/object><a id=\"wp-block-file--media-47576677-b67a-420a-8d2e-d86c8dabe480\" href=\"http:\/\/ahhjgrk.cluster028.hosting.ovh.net\/wp-content\/uploads\/2023\/11\/Opinion-La-solution-pour-rembourser-la-dette-la-grande-conversion.pdf\" target=\"_blank\" rel=\"noopener\">Opinion-The-solution-to-repay-the-debt-the-great-conversion<\/a><a href=\"http:\/\/ahhjgrk.cluster028.hosting.ovh.net\/wp-content\/uploads\/2023\/11\/Opinion-La-solution-pour-rembourser-la-dette-la-grande-conversion.pdf\" class=\"wp-block-file__button wp-element-button\" aria-describedby=\"wp-block-file--media-47576677-b67a-420a-8d2e-d86c8dabe480\" download target=\"_blank\" rel=\"noopener\">Download<\/a><\/div>\n<!-- \/wp:file -->\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t<\/div>","protected":false},"excerpt":{"rendered":"<p>Philippe Mudry, former CEO of L'Agefi, has written an article for Les Echos in...<\/p>","protected":false},"author":4,"featured_media":456,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"footnotes":""},"categories":[12,19],"tags":[],"class_list":["post-964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-article","category-infos"],"_links":{"self":[{"href":"https:\/\/www.serval-associes.eu\/en\/wp-json\/wp\/v2\/posts\/964","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.serval-associes.eu\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.serval-associes.eu\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.serval-associes.eu\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/www.serval-associes.eu\/en\/wp-json\/wp\/v2\/comments?post=964"}],"version-history":[{"count":6,"href":"https:\/\/www.serval-associes.eu\/en\/wp-json\/wp\/v2\/posts\/964\/revisions"}],"predecessor-version":[{"id":1637,"href":"https:\/\/www.serval-associes.eu\/en\/wp-json\/wp\/v2\/posts\/964\/revisions\/1637"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.serval-associes.eu\/en\/wp-json\/wp\/v2\/media\/456"}],"wp:attachment":[{"href":"https:\/\/www.serval-associes.eu\/en\/wp-json\/wp\/v2\/media?parent=964"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.serval-associes.eu\/en\/wp-json\/wp\/v2\/categories?post=964"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.serval-associes.eu\/en\/wp-json\/wp\/v2\/tags?post=964"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}