Another week, another wave of dismal fiscal gridlock in Washington. But as US politicians squabble about how to cut the debt, another concept with a catchy name is quietly starting to creep into the policy debate: “financial repression”.
A few weeks ago, Carmen Reinhart, a US economist who shot to fame two years ago by co-authoring an influential book on sovereign debt, This Time Is Different, produced a joint paper for the International Monetary Fund on the topic of “financial repression” in the west. And while this phrase is not yet mainstream news, it is starting to generate a buzz among the policy elite in Washington and in some European capitals.
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