00:00 Introduction
00:07 Cable Vince
04:38 Stephen D. King
07:58 Grace Blakeley
Watch the full debate at https://iai.tv/video/debt-crisis-or-opportunity?utm_sourceYouTube&utm_mediumdescription
Western governments have intervened on a historic scale during the pandemic. All this involved borrowing huge sums. Some claim that the greatest debt crisis in history is already upon us. Governments are more in debt today than at any time in modern history, including World War II. These colossal loans were made possible thanks to particularly low interest rates. But now, with signs of inflation in the system, there is a risk of rates rising. Economists predict that even a 2% rate hike will have dramatic effects on Western economies, with developing countries facing financial ruin and escalating poverty and hunger.
Is the debt crisis about to spiral out of control? Should we consider radical solutions to third world debt to save the lives and livelihoods of those affected? Or can we relax and welcome the contribution of public debt to our lives and plan for even greater public spending in the future?
#EconomicCrisis2022 #Cancellation of national debts #IMF developing countries
Vince Cable is a former interim leader of the Liberal Democrats and was an MP for over twenty years. He is the author of The Tempest.
Grace Blakeley is an author, columnist, journalist and economic and political commentator. She sits on the Labor Party's National Policy Forum, which is responsible for policy development.
Stephen D. King is global chief economist at HSBC and a columnist for The Independent. His latest book is called Losing Control: The Emerging Threats to Western Prosperity.
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