US President Donald Trump at a rally in Charleston, West Virginia, in August 2018. The worldwide rise of populist politicians such as Trump has changed how the markets react to large deficits. Photo: AFP
Nicholas Spiro
Opinion

Opinion

Macroscope by Nicholas Spiro

Donald Trump, Brexiteers and other populist politicians mean market appeasers have replaced ‘bond vigilantes’ – for now

  • Markets once punished fiscal recklessness, but since the 2008 crisis they have increased their tolerance for deficits. This dangerous situation means the return of ‘bond vigilantism’ would be welcome
US President Donald Trump at a rally in Charleston, West Virginia, in August 2018. The worldwide rise of populist politicians such as Trump has changed how the markets react to large deficits. Photo: AFP
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