Скачать или смотреть The Numbers Didn’t Change — The Tolerance Did

There is no fixed line where debt becomes “dangerous.”
Instead, the line moves.
This breakdown shows how official institutions quietly revised debt thresholds upward for decades — not due to new economic laws, but because existing limits would have labeled most advanced economies insolvent.
What looks like improved analysis may actually be accommodation.
What sounds like prudence may be normalization.
The question is no longer how much debt is safe — but who decides when it stops being a problem.

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