Ironically, very few use a line of argument that we do believe is a potent and immediate roadblock, but one that will have to be dealt with in one way or another—the debt trap and how to get out of it (Chapters 11 and 12 respectively). The deflationary bias over recent decades, reinforced by the Global Financial Crisis (GFC), has led to massively expansionary monetary policies, with interest rates, both nominal and real, coming down to historically exceptionally low levels. This has, as was intended, led to a dramatic increase in debt ratios, both in the public and private sectors. The main
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