June 20, 2021

An elephant in the tree



The same day it was announced that Spain beat his historical record of public debt since 1881 -125.3% of GDP in March-, the ‘think tank’ Center for European Reform (in English CER) published a document titled ‘Learning to live with debt’. The image chosen for the cover of the document is that of an elephant sitting on the branch of a parched tree in the middle of a desert. It is not clear what the authors – CER’s chief economist, Christian Odendahl and historian Adam Tooze– by choosing this illustration with such a precarious balance, but the document takes sides by the increase in the levels of public debt to finance more investment and


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