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Public Debt, Japan, and Wilful Blindness
I just heard on Radio New Zealand a claim by a British commentator, Hugo Gye (Political Editor of The i Paper), that the United Kingdom (among other countries) has a major public debt crisis, and that if nothing is done about it (such as what Rachel Reeves – Chancellor of the Exchequer – is wanting to do), then in 2070 the public debt to GDP ratio would reach an 'extreme' level of 270% of GDP (gross domestic product). [...]