ENTERTAINMENT DESK

“IF THAT YOUNG woman becomes any more famous, it could tip us into a repeat of 1929.”

That young woman is Taylor Swift, and Nobel Prize runner-up economist Professor John Milton Keynes says her latest series of concerts are putting huge pressure on world interest rates.

“The concentrated spending that each release of tickets to her concerts causes, leads to localized inflation spikes of at least 1%, perhaps more, as desperate teenagers and others, compete for the limited supply with a massive focus of demand. This forces central banks to react by pushing up interest rates, which in turn forces up the relative price of tickets to her concerts. It’s an economic death spiral. The end result could easily more and more rate rises and then recession; or worse, a Great Depression.”