It will be very challenging for political parties throughout the developed world (and particularly the United States and Europe) to agree on how to handle this public debt problem in the 2020s and 2030s. Decades of having a flexible ledger combined with short-term incentives to use it have resulted in a very imbalanced situation that is likely to be rather inflationary for the broad money supply to varying degrees for the foreseeable future. Debt must be restructured or inflated away, but who will be left holding the bag?

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