Thomas Piketty: 1789, the return of the debt

One of the ideas raised by the yellow vests is the possibility of a referendum on the cancellation of the public debt. For some, this type of proposal, already heard in Italy, demonstrates the extent of the ‘populist’ danger: how can one possibly imagine not repaying a debt? In reality history shows that it is customary to resort to exceptional solutions when the debt reaches this type of level. However, a referendum would not enable us to solve such a complex problem. There are numerous ways of cancelling a debt, with very different social effects. This is what should be discussed instead of leaving these decisions to others and to the forthcoming crises.

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