> As for the level of public debt, it is indeed very high, but not unprecedented. It is close to that observed in France in 1789 (around one year's national inc

> As for the level of public debt, it is indeed very high, but not unprecedented. It is close to that observed in France in 1789 (around one year's national income), and significantly lower than that seen in the United Kingdom after the Napoleonic Wars and in the 19th century (two years' national income) and in all Western countries after the two World Wars (between two and three years). Western countries reached this level of debt after five years of wartime spending. I'm no economist, but to me the fact that we're seeing public debt this high amid relative peace and prosperity is very concerning. What's going to happen if another great war or similar crisis occurs? The US essentially doubled its debt (as a percentage of GDP) during WWII. If the West is starting from the post-WWII position, what's going to happen if something really bad happens?