America’s looming debt crisis
Kenneth Rogoff, the American economist, chess Grandmaster, professor of international economics at Harvard University, former International Monetary Fund (IMF) chief economist and co-author of This Time is Different: Eight centuries of Financial Folly, has spent his career chronicling the anatomy of financial collapses. In his latest article for Foreign Affairs (Sep/Oct 2025), Rogoff issues a stark warning: the U.S. is flirting with a once-in-a-century debt crisis – and its current political and economic trajectory makes a crisis not just possible, but probable.
The debt delusion: from free lunch to fiscal cliff
Rogoff’s core argument is that America’s long-standing belief in “costless” debt is rapidly crumbling. For decades, ultralow interest rates lulled policymakers into thinking deficits didn’t matter. Crisis after crisis – from the Iraq War…
