🚨THE ENERGY SHOCK COULD TURN INTO A FISCAL PROBLEM Governments are shielding consumers from soaring energy costs they can't afford with money they don't have. - China, Hungary and Japan have capped prices at the gas pump. - Georgia suspended its 33¢/gallon gas tax. - The UK to help shoulder heating fuel bills. - New Zealand is sending $120/month to households. The problem: Global public debt hit $100 TRILLION before the war started. Interest rates are far higher than during COVID or the 2022 energy crisis. Every fiscal intervention now comes at a much steeper cost. "This idea that whenever there's a shock we'll issue more debt has been policy for 25 years. The trade-offs are more stark now." — Kenneth Rogoff, Harvard The longer the Persian Gulf crisis lasts, the deeper the fiscal hole.(Coin Bureau)