The Invisible Tax: How War Raises Every Price
The United Kingdom cut debt after the Napoleonic wars so it had the fiscal firepower to fight subsequent battles. But today’s superpower struggle between the United States and China, and the conflicts in Iran and Ukraine, are occurring when government borrowing across the world is already high. Governments are spending more on defence and cutting their reliance on rivals in response to global threats. That is pushing up debt relative to GDP, limiting their ability to project power. Borrowing costs have also shot up. The yield on 10-year U.S. government bonds has almost trebled to 4.3% over the past five years.
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