Patrick Boyle

during wartime, basically.

And it's funny.

I was teaching a class earlier today to my students, a kind of financial history thing.

And we were looking at the South Sea bubble.

And I have a chart of government debt as a percentage of GDP.

And it was really out of control in the 1740s, because it was 20% of GDP.

We're at 100% today, and above 100% in many parts of the world.

and you know politicians never want to you they never want to deal with this you know they've got four years in office and the trick is to sort of kick the can down the road and hopefully blame the next guy and the problem is that that doesn't really work for the citizens of the country and it works the worst for the youngest people because

Now we've got, especially with higher interest rates, the interest just being paid on the debt is a big problem.

And of course, the younger you are, the bigger a problem it is, because it's you who's going to pay for it.

It is.

You know, it kind of is where we are, you know.

The thing is that...

You know, and this is almost everywhere where we've got, you know, we've got high debt.

It will need to be paid down.

At the moment, you know, governments are kind of getting away with it.

There's sort of this concept of the bond vigilantes, you know, that the bond market, that basically the lenders will eventually sort of crack the whip and say, guys, we've had enough.

And we saw that with, you know, the sort of Liz Truss case.

mini budget you know 44 days in office and you know sorry liz that's not happening the the thing that's interesting is it also it relates to the size of your economy right so

Why is the UK hurting more than the United States?