The Role of Military and Fiscal Policy in the Global Financial Crisis

Since the Global Financial Crisis and then through to where we are currently post-pandemic, the increases we've seen in government debt relative to the size of economies are happening. There's no other peacetime equivalent of the big increase in government debt that we've seen over this last sort of, you know, 15 year period. And then the second reason why one might be concerned is those two magic words, quantitative easing. The thing with QE is that central banks did this for good reasons. They were getting very close to zero interest rates because cash itself by definition has a zero interest rate.

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