Only a crisis will wean the west off debt
The British state in particular is unreformable without pressure from the bond markets
Related reading
How the west got hooked on economic support
Crisis firefighting has given way to a dependence on government and central banks
The bond vigilantes will keep on circling
Investors are losing faith in the ability of western governments to rein in spending
The west is buried under red tape
A regulatory ratchet is smothering business, households and government
The UK is a fiscal saint, not a sinner
Markets ultimately will take notice if the government demonstrates its ability to lower deficits
The bond doom-mongers have got at least one thing right
Pressure on government borrowing costs is building
Beware populist economics
History suggests the political approach ends in unsustainable debt and lower GDP