Abstract
Deep systemic financial crises tend to be infrequent events, as they leave deep lasting scars on the psyche of consumers, investors, politicians and regulators. Normally, especially given strengthened regulation and, one would not expect another systemic event for many decades. But the situation today is anything but normal. Record high global public and private debt combined with political paralysis and extraordinarily weak leadership outside central banks make today’s uncharacteristically fragile at this point in the debt supercycle.
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