The age of bail-outs for everyone
Editorial
The Economist
The winter of 1973-1974 was “grim”, says The Economist. Geopolitical strife sent energy prices soaring. The price of crude oil more than tripled. This fed an inflationary surge across the rich world. The response from governments was to tell voters to tighten belts. Today’s governments are in a similar pickle, but the response is somewhat different. Britain has allocated 6.5% of GDP in the next year to shield households and firms. Germany and France are spending