Dusseldorf Kenneth Rogoff does not belong in the category of crash prophets among economists. But the Harvard economist has warned for many years that the debt and bailout policies of recent years have come at a price.
Now, with inflation returning and interest rates rising, what could have happened a long time ago could be looming: a new systemic crisis. The global economy is more fragile than it has been for a long time. And the governments and central banks will probably have little choice this time but to save what can be saved.
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