Europe is now in a war, possibly unwinnable, against that debt, much as the United States has spent four years battling crisis levels of private-sector debt rooted in its trade imbalances with China. The root problem, however, is not borrowing or banks, but one of the most dangerous dilemmas of our age: People who live in exporting nations don’t spend money. They’re not paid enough to buy imports, so inequality soars and debt piles up.
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