Have central banks created a ‘debt trap’? No, but ...


Open any financial newspaper and it will not take long to find some mention of the massive rise in debt created by unconventional monetary expansion pursued by the major central banks. Some accuse central banks of recklessness with their radical and untried monetary policies – too eager to do “whatever it takes” to support demand, echoing European Central Bank president Mario Draghi’s famous words. Some even talk of a dangerous ‘debt trap’: central banks have so inflated debt that they will not

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