Bonds are no longer the safe option

John Plender of the Financial Times wrote an article, published on 12 August 2023, in which he referred at length to my thesis that the world is moving from an “Age of Plenty” to an “Age of Scarcity”. This was the transition referred to by Keynes and which prompted him to write “How to Pay for the War” in 1940. My use of Keynes’ words was intentional and was intended to suggest that we might  be facing similar economic and financial challenges in the near future.