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During this crisis we are constantly being barraged by all these big numbers of money owned by governments. We hear of public debt amounting to hundreds of billions, or even to a few trillions of euro/dollars and of the debt’s ratio to GDP being at extraorbitant rates that are in theory non-sustainable. We hear of debt to GDP going beyond 100%, meaning that the money owned is more than the total production of a country (within a given period of time). In such cases common sense would suggest that if you have to pay more than what you can produce you simply go bankrupt as there is no way to cover the debt. The alternative is to restructure the debt, meaning that only a part of it will be paid. At any rate when ones hears that the debt is greater than the total production immediately thinks of bankruptcy or restructuring (which is in practice partial bankruptcy). So in that sense public debt is a huge problem. However this is not really true. The problem is not the existence of public debt, nor its ratio to GDP. The problem starts when people who can lend money fear that they will not get their money back. In the parlance of economics, this translates into the expectations of the markets being (very) negative. When the markets lose their confidence in the ability of a state to cover its debt, then -and only then- start the problems. This shows the vital role expectations play and how important confidence is. But most importantly this depicts the central position financial institutions have in shaping those expectations. I am not referring to any institutions but to the credit rating agencies, of which the biggest (and most influential) are Moody’s, Standard & Poors and Fitch. Though these institution are considered to be “financial”, in fact they are political and the experience we have proves this. They claim that their role is to calculate the risk, but none of these institutions gave a negative grade to Lehman Brothers or to any other bank that invested in the hous

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