Nor is repression alone enough to solve debtwoes. Inflation isnecessary too, and the example of Japan suggests that ageingsocieties may prefer to sacrifice the young to a long period of slow growthrather than erode the savings of older voters. Most importantly, governmentsmust stop adding new debt. Even in a financially repressed system austerity isnot entirely avoidable. Most economies must still cut their debts the hard way.
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