To put it simply, once the “euthanasia of the rentier” has been achieved, Keynesian policies stop working. As a result, the question confronting investors is whether Keynes is dead, and whether they are now stuck in the long run; a long run where bringing forward tomorrow’s consumption to today is no longer an option. If so, then it seems obvious that the final victims of the euro experiment will be the pensioners of Northern Europe.
https://blog.evergreengavekal.com/keynes-is-dead-this-is-the-long-run/
