The seeds of the next debt crisis

 The risks have been building in the financial system for decades. From the late 1980s, central banks — and especially the Fed — conducted what came to be known as “asymmetric monetary policy”, whereby they supported markets when they plunged but failed to damp them down when they were prone to bubbles. 

Excessive risk taking in banking was the natural consequence.

John Plender 4 March 2020