Gloomy Martin Wolf
2 February, 2011
FT economic commentator Martin Wolf has an interesting piece summing up what he sees as having been changed by the financial crisis. It includes this:
According to the IMF, general government net debt of the Group of Seven high-income countries will jump from 52 per cent of GDP in 2007 to 90 per cent in 2015. This does not mean hyperinflation or default. But managing public finances will govern politics for the foreseeable future. It will be a miserable experience.