If you believe—as so many do—that one important source of the disaster of 2008-10 was that economies had too much potentially-insecure debt, you should be highly concerned today: John Authers and Lauren Leatherby: Financial Crisis: Decade of Deleveraging Debt Didn’t Quite Work Out: "This was the decade of de-leveraging that wasn’t. A decade ago... there was agreement... too much debt had caused the crisis, and so there must be a huge de-leveraging. It has not worked out like that.... Companies, particularly in the U.S., took advantage of the rock-bottom interest rates meant to bail out banks to go on their own borrowing spree. And the world found a new borrower of last resort. Ten years ago, China had been enjoying phenomenal economic growth for two decades, and largely avoided debt to fund it. No more. China’s debt has ballooned, transforming the geography of global debt in the process. It’s now bipolar, revolving around the U.S. and China...


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