2007 it was a real estate bubble in the US and Club Med. This time it’s a global corporate debt bubble,

OFR says a big chunk of the $2.4 trillion leveraged loan market is being packaged into collateralised loan obligations (CLOs)

The fears of central bankers were confirmed: they cannot exit emergency monetary policy.

Dodd-Frank legislation prevents the Fed from carrying out the very rescue actions that saved the financial system in 2008.


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