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Governments are living far beyond their means. Sadly, inflation is the most likely escape
Catch up on global daily news
Compelling long reads
Tune into captivating conversations
Watch engaging short films
Behind the scenes at The Economist

The consequences will be profound, argues Henry Curr

Tax systems are more progressive than you think

Voters in rich countries are angry about prices. Politicians could make things worse

When governments are indebted, high interest rates wreak havoc

Our measure of entrenchment suggests its problem is the rich world’s worst

It will not work, and is wrong in principle