The Perils of Debt Complacency
In a Project Syndicate commentary last month, Robert Skidelsky called rising levels of public debt in the advanced countries a "scarecrow" and urged more borrowing. But, as Greece, Italy, and Japan have learned the hard way, the scarecrow has teeth.
https://prosyn.org/Z1vXanK
CAMBRIDGE – “What a government spends the public pays for. There is no such thing as an uncovered deficit.” So said John Maynard Keynes in A Tract on Monetary Reform.