European chief executive of Goldman Sachs Asset Management has warned that growing debt around the world and an ageing global population means countries' debt piles are in danger of growing out of control
The UK Telegraph quotes GS' Andrew Wilson, head of Europe, Middle East and Africa (EMEA):
- "There is too much debt and this represents a risk to economies. Consequently, there is a clear need to generate growth to work that debt off but, as demographics change, new ways of thinking at a policy level are required to do this"
- "The demographics in most major economies - including the US, in Europe and Japan - are a major issue - and present us with the question of how we are going to pay down the huge debt burden. With life expectancy increasing rapidly, we no longer have the young, working populations required to sustain a debt-driven economic model in the same way as we've managed to do in the past."
There's more at the ungated article, including a nifty interactive graphic. The world is drowning in debt, warns Goldman Sachs
Smug Doomers will now be quoting their new bestie! :-D
