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Is There a Growth Exit?
We've got this large burden of debt, currently negative rates, but the prospect that that won't last terribly long. Deficits as far as the eye can see. Forget primary surplus. I don't know how you could even get to primary surplus in our present situation. How does this end? Is it kind of that we all turn into japan with a very large debt stalk, very low growth, and, you know, carry on channelling the money from the few young people in in work to the elderly who have retired. And so there isn't actually an easy inflation reexit of the sort that brought the s debt down pretty swiftly in the sixties and seventies