Global debt crisis will mean higher taxes – or worse

Taxpayers everywhere should brace themselves. Their taxes could soon rise unless there are fundamental changes in the way that increasingly unsustainable government debt in the United States, Japan and beyond is financed. This can be done, but it will involve tough political decisions. Attempts by national leaders to boost defence and other spending in the wake of a profligate borrowing boom make a crisis inevitable. While stock markets continue to ride high, the stress in key global bond...