An investment banker originally from Belgium, Georges Ugeux was vice president of the New York Stock Exchange. Today he is chairman and CEO of Galileo Global Advisors based in New York. His Le Monde blog frequently inspires debate.
Over the past ten years financial instability has increased, and, as all experts agree, a new tsunami seems on the verge of crashing down on our economies, which this time will come from the debt of States. This book enables the reader to clearly follow the missteps of banks, the blundering of central banks, and the damage done to public finances by Western States.

Georges Ugeux begins by recalling the responsibility of financial institutions during the crisis of 2008. One is forced to note that their recovery was not achieved through financial regulations that aimed more to protect bank customers than to restore financial stability. Then, the author analyzes the role of central banks that, through their unorthodox monetary policies, swelled their balance sheets, favored sovereign borrowers and penalized depositors. [typo on page] Finally, he notes that the amounts of sovereign debt have reached such levels that, with interest rates increasing, the risk of an explosion has become enormous.

How can we get out of this situation? That question is explored in the final part of the book which shows that we must no longer expect anything from central banks, as they have become both judges and juries.