So how do investors react? For decades, they have bullied governments to release assets for sale that can then be leased back at high returns. In the UK, this is why we have privatised utilities and a swath of other safe, previously state-owned, assets in private hands.

It is not morally wrong ("greedy") for investors to seek high returns. If an investment does offer high returns, investors will flock to it, the price will increase, and it will quickly offer average returns, relative to the amount invested.

Nor do investors "demand" high returns - who would they demand them from? - they simply look for the best place to put their money. Investors are not a cartel that lobbies the government. Government services were privatised in the UK for political reasons.

Then there is the way most people, businesses and governments have accumulated their savings. Just a quick look at the $100tn total and we can see that most of it is the result of tax avoidance.

The Japanese are famous for their savings and investments. But middle-income families can only save because they don’t pay enough tax for officials in Tokyo to provide basic services. Every year the Japanese government runs a 10% budget deficit, such that its accumulated debt is worth almost 250% of GDP.

The author has expanded the meaning of "tax avoidance" to cover cases where he thinks the government should be imposing higher taxes. I agree that governments should run a balanced budget (I would prefer they do so by cutting spending), but the author implies that you could pay all the taxes you owe, and you would still be cheating the system.