THE last two or three years have been a complete washout for many economies. The same can’t be said for many stock markets, though. Thanks to massive fiscal support from governments, coupled with overly generous monetary support from central banks, stock investors have had a field day.
Trillions of dollars have been pumped into economies around the world. Central banks slashed interest rates to nothing, which, in turn, allowed governments to borrow freely. That then gave them the flexibility to inject money into where it was most needed. But now, it is payback time for all of us.
It is now time for governments to consolidate their finances. Governments know it would be fiscally unacceptable to...
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