BERKELEY The ruckus in the United States over the federal debt ceiling has redirected attention toward soaring public borrowing. Against the backdrop of monetary tightening by the Federal Reserve, piling up more debt is reinforcing concern about the explosive growth of the government’s interest obligations.It is a terrifying narrative, redolent of impending crisis. The only
BERKELEY The ruckus in the United States over the federal debt ceiling has redirected attention toward soaring public borrowing. Against the backdrop of monetary tightening by the Federal Reserve, piling up more debt is reinforcing concern about the explosive growth of the government’s interest obligations.It is a terrifying narrative, redolent of impending crisis. The only
In this post, I am giving a highly condensed version of what I described in my book Principles for Navigating Big Debt Crises, which is an extension of the study