How to escape the trap of excessive debt | Curio
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How to escape the trap of excessive debt

8 mins | May 11, 2020
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Martin Wolf: The rich will benefit if we create sustainable demand with less household borrowing. "The savings of the rich might have led to a current account surplus, as in late-19th-century UK. But the rich of the rest of the world have sought to accumulate US assets, and so generated a persistent US current account deficit. Except when the pre-financial crisis housing bubble drove up private ­investment, this has also remained too weak." The chief economics commentator at the Financial Times analyses.

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