Government debt is a thorn in the flank of advanced economies, a weight that is growing day by day, in a systematic way, invalidating the bullish market sentiment. Macroeconomic indicators, even when in a positive territory, play a secondary role compared to the deficit. But is really crucial to balance the government debt? For who? For what?
The balance of the public spending is a factor that heals public treasury, but depresses the real economy with repercussions on social cohesion. Violent riots that took place in a democracy of ancient tradition as such as England is seemed to bring out the detachment between the poor and the ruling classes, a gap that in recent decades has been gradually enlarged.
The time of the expansion of western economies is over. The new generation, for the first time in 100 years, is poorer than the previous one, the social security network is shrinking little by little.
In this economic background why don't assume a common debt policy? If we would set this perspective, not only European countries, but all developed economies could build up the creation of a weighted percentage value system of the specific gravity of national economies. This could lead to the issuance of worldbonds by a relevant international institution as such as the World Bank.
This worldwide system would find itself guarantees and compensation mechanisms of the debt, could reassure financial investments in relation to the structural crisis of the single states and would be able to avoid the real economy to get affected by heavy bearish trends of the markets gripped by panic selling.