The world is awash in unsustainable levels of debt, says Charles Kolb, President of the French-American Foundation; and that debt is damaging the economies and stability of the US, Europe—and their enabler, China. All three need to seriously rethink their economic models and restructure tax and spending policies. With massive personal, mortgage and student debt, over-leveraged American consumers may no longer be able to drive that economy. The US needs to reconfigure a tax code which favors consumption over savings and productive investment. China needs to do the reverse; facing a series of in
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