EPISODE · Apr 1, 2008 · 7 MIN
The prudent will have to pay for the profligate
from FT Martin Wolf
Neither households nor the financial sector as a whole can de-leverage swiftly, other than via a calamitous mass default or by shifting their debt elsewhere, usually on to the government. A private-sector financial mania will finish up as public-sector pain. Hosted on Acast. See acast.com/privacy for more information.
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