Beware of the West: it is not prepared for a cut to the economy
The decisions of the governments give an idea that the West is not prepared for a rebound that causes some damage to the economy.
We see for example Liz Truss, where the accounts announced by the British Government this Friday can become a historic event, with all the letters. The second-largest tax cut in UK history, a two-year $165bn a year stimulus financed almost entirely by debt, has sparked a race in markets to flee the pound.
There is no going back: either the experiment goes very well, or Liz Truss risks suffering a catastrophic defeat in two years and leaving an exorbitant fiscal hole behind her.
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