The very toxin that sparked the crisis is relied on to reboot economies - Beware the butterfly moment

Central banks need to reverse their policies, since continuing low rates and excessive leverage may well result in an explosive cocktail of multiple asset price bubbles.

Reversal, however, means that central banks will be unable to control volatility and keep a floor under asset values — something they have relied on to promote excessive risk-taking.

Pascal Blanque and Amin Rajan, FT 4 January 2017