Our Deep Debt Future
The current decade will be remembered as the decade of public debt, and, in some countries or regions, maybe even the decade of permanent fiscal derailment. But it would be naïve to believe that the financial and economic crisis is the only reason that public finances are in such bad shape.
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TILBURG, NETHERLANDS – The 1980’s was the decade in which high inflation was supposedly consigned to the dustbin of history, while the 1990’s were all about the so-called new economy. Governor Mervyn King of the Bank of England once called it the NICE decade (No Inflation, Continuing Expansion) – a time when the economy reached the promised land of high growth and price stability.