Debt repayment ‘depresses growth’, while ‘offsetting fiscal austerity with ultra-easy monetary policies risks fuelling a resurgence of private leverage in advanced economies’. And debt is so high that its transgressors - in both sectors - will never be able to repay. As one answer, Lord Turner proposes that ‘some combination of debt restructuring and permanent debt monetization (quantitative easing that is never reversed) will in some countries be unavoidable and appropriate.’
Read the full blog post hereSource: http://www.iea.org.uk/blog/the-inexorable-lessons-of-currency-debasement
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