Public debt has become one of the defining economic issues of our time. Like many others, I was long brought up with the idea that indebtedness inevitably creates fragility and, ultimately, crisis. Yet it is striking to observe that the explosion of global public debt has not, so far, fundamentally altered investors\u2019 perception of governments\u2019 ability to service their debt obligations and, eventually, repay the principal. (…)<\/p>\n","protected":false},"excerpt":{"rendered":"
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