A neverending debt trap

Larry Summers has argued that we are entering a period where the only way economies will be kept afloat is through debt-driven bubbles. Classical economists say debt shouldn't matter but history tells a different story.

In the introduction to last week’s post on my blog I appended the statement “Health warning: contains substantial portions of irony. May exceed your daily allowance”. Judging from the comments on Business Spectator, that was indeed the case for some readers. So I’ve eschewed irony in this week’s post.

Much of the irony last week was in this sentence – and the links gave the clue that my tongue was planted firmly in my cheek:

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