The $33 Trillion question

Extrait de la newsletter de Nouriel Roubini:

Core Government Bonds: Can the World Absorb $33 Trillion of New Bonds?

• The twelve most industrialized of the world's G20 countries will have to issue about $10 trillion worth of new bonds to cover the cost of the current crisis. However, Reinhart and Rogoff estimate the true cost at $15 trillion in the best case scenario and a whopping $33 trillion - 1/3 of total global savings - in the worst case. Issuing governments may have to inflate away their debt or pay drastically higher yields if deflation does not materialize (Niels Jensen et al)