Lessons from the UK budget downturn: Fear of the currency, not the bond market

James Carville should have wished he could be a money market.

The famous 1994 statement by political adviser Bill Clinton that he wanted to be reborn as the bond market implied a widespread perception among investors and officials that, when currencies were freely floating, debt Rising public spending will become the main constraint on government spending. The UK’s budget crisis shows why they’re wrong.

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