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Our Deep Debt Future

TILBURG, NETHERLANDS – The 1980’s was the decade in which high inflation was supposedly consigned to the dustbin of history, while the 1990’s were all about the so-called new economy. Governor Mervyn King of the Bank of England once called it the NICE decade (No Inflation, Continuing Expansion) – a time when the economy reached the promised land of high growth and price stability.

The following decade turned out to be one of, first, the war on terror and, later, the worst financial and economic crisis in almost a century – a time when virtually every developed economy experienced a long and deep recession.