Could an overenthusiastic commitment to austerity economics be about to throw the world back into recession?
It is a question which stirs deep disagreement among top economists, but what does history tell us about the depth of the economic hole we are in and how to get out?
Ken Rogoff is a Harvard economist who has studied 800 years worth of financial crises and their consequences.
Based on the past how worried should we be about the immediate future?
You can watch this HARDtalk interview on the BBC News Channel on Monday 19th July at 0430 and 2330 and on BBC World News at 0330, 0830, 1530 and 2030 GMT.