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And actually, changing portfolio preferences (e.g. as a result of an aging population shifting its portfolio increasingly into sovereign bonds) means that the correct level of sovereign debt is not even constant after you smooth out the business cycle.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Wed Jun 25th, 2014 at 03:35:18 AM EST
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One of the great tragedies of our time is the fact that in the media the correct response to the aging Population is lower levels of debt. When in fact it should be the other way round.
by rz on Tue Jul 1st, 2014 at 08:47:50 AM EST
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