The Promissory Note Deal – Will the Young Pay the Sins of the Old?
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The Promissory Note Deal – Will the Young Pay the Sins of the Old?

By: Dr. Samuel BrazysAS EXPLORED BY the BBC, the young have never had it as bad as they currently do. Despite the unprecedented prosperity of the sixty years following World War II, the baby-boomer generation are leaving their children a legacy of debt, unemployment and economic uncertainty.Sixty years of comparatively loose monetary and fiscal policy combined with extravagant social guarantees have fueled self-fulfilling asset bubbles. These have enabled the baby-boomers to accumulate wealth far beyond the contribution of their productivity. Debt-financed government and personal consumption became the norm and official debt-to-GDP ratios steadily marched into previously untouched territory with government debt at 40, 50, 70 and 100 per cent of GDP

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The Promissory Note Deal – Will the Young Pay the Sins of the Old?