With many of today’s advanced economies near or approaching the 90%-of-GDP level that loosely marks high-debt periods, expanding today’s already large deficits is a risky proposition, not the cost-free strategy that simplistic Keynesians advocate. I will focus in the coming months on the related problems of high private debt and external debts, and I will also return to the theme of why this is a time when elevated inflation is not so naïve.
如今，许多发达国家都达到或在接近90%GDP的债务水平，很显然已经步入了高债务时期，将已然规模很大的赤字进一步扩张到了危险水平，头脑简单的凯恩斯主义者所鼓吹的无成本战略已经站不住脚了。在未来几个月中，我将关注与高私人债务和对外债务有关的问题，也将回归为何这一回通胀高企不再是杞人忧天这一主题。总而言之，选民和政客必须当心，不要落入当今债务问题存在简单解决之道这一观点的陷阱。