Only one crisis will eliminate the debt from the West

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I suggest that it takes into account the following truths in Britain, not all of me.

The Labor government has a vast majority in parliament. You don’t have to call a general election until 2029. The opponents are divided, maybe they end. When cutting the retirement perks to maintain the debtor, it was severe, in case of declaring, public anger, public anger. And still labor tough to the pensioner vote. As did the public sector for salary requirements last summer. Soon there may be beneficiaries of some child. If all governments cannot withstand the moral pressure of the UK government, which is the UK government

Now we can get a few hood rules for this starting century because we are at a quarter of an approximate quarter. Don’t start a land invasion to another country. Wars in Iraq, Afghanistan and Ukraine all sank into an overview. Do not expect economic growth to satisfy people. The United States has laid behind Europe with the terms of income, but at least as much as the populism problem. And do not try to manage public spending. It is impossible in the national crisis, except (later).

French President Emmanuel Macron, in 2018, laid the fuel taxes and retirement age in 2023. The result? The worst protests in this tinder box of a republic for half a century. Gerhard Schröder, one generation previously made modest cuts to the German state of welfare. The award was defeated by Angela Merkel, who won the next three elections by making such reform. Theresa can oppose the English voters with the value of the elderly in 2017. Never healed.

And then the United States, God has its own debt. Once, at least the Democrats can be considered to be interested in some signs of Fiscal Rigor. Now there is an agreement to ignore both sides of the debt – call the Washington consensus – even at risk for the dollar’s Germany. Elon Musk, where the federal government cannot change, must reduce the ambitions to things like Mars.

So the debt is a Pan-West Problem and a the world developing one too. Why fear especially for England? One reason is the character of Sir Keir Starmer. Prior to accepting the old socialist to the position, the voters waited to throw Jeremy Corbn. He waited for the court decision clarify His position of what a woman was, and even made it through a spokesperson. John F Kennedi’s property will never be updated Brave profiles For this man. The spending expenses often fall into one’s transparency often to hate. The starmer would be a person only if he was not. There is a need in the center of most public figures. Although David Cameron, who cut the cost of David Cameron, is the first-degree politician who has no subtle reliability. The public protests jumped from this untitie.

I was a varnant theory, low excitement politicians are the largest financial liabilities. Can’t win the love of the public with their terms and continue expensive tidy to announce their good. When a national joke, you can sign Net Zero targets like Veweel tour as part of it. See Gordon Brown in the Treasury. Starmer and Chancellor Rachel Reeves have this potential. A government tends to be strong at the beginning. Imagine the dog days consisting of 2027 if this couple cannot save the line now. If you are back, you have some gilts to sell, you believe that the labor will get pressed with the welfare reform.

It does not improve outside the work. In the policy of politics, Nigel Farage’s reform is in the UK, more than some respectable action. Tory Party never saw a pensioner not to try to give a bribe. The intellectual climate on the back of the stage consists of an urgent industry dirty From the less end of the former of May. This is a country in recent years, but a country of a country that does not have bond markets, but investors are very small about the political and the financial trajectory of the United Kingdom. Some of us see some of our people in the country for “institutions” for puzzles.

If the illusion is violated and the debt crisis occurs, at least the first principles may be re-evaluated into force. The only way in the high-income democracies of painful but necessary changes is a state of emergency. One before toçerism. The other was taken to reforms in the Mediterranean economy in 2010. I don’t want such an event but I mean one. Many Western countries have finances to fight to endure another shock. One pandemic, even half of the covig, costs more. In some countries, there is no place to increase tax without harming injustice. (There is unemployment in the UK rise National insurance as an effective effect.) Since governments spent more compared to the debt of the high price education or defense.

Reveves refer to spending such as a period of smelling as a period ended this week: “Investment”, London’s London and productive satellites. This is almost a government model that wants to be out of his misery. What could not do the likes of the musk, the bond traders may be.

Janan.ganesh@ft.com