The world is changing faster than we realize. Take a look at these two charts. The one on the right looks at the total stock of OECD debt and sorts it in terms of is credit rating. Before the crisis, there was lots of orange and green, indicating that most government debt was either AAA or slightly below.
Fast forward to today, and the stock of AAA is rapidly shrinking. Furthermore, the stock of debt rated below AA is increasing.
Simply put, government debt is turning rancid.
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