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High debts and stagflation have set the stage for the mother of all financial crises

High debts and stagflation have set the stage for the mother of all financial crises

NEW YORK (Project Syndicate)— The world economy is lurching toward an unprecedented confluence of economic, financial, and debt crises, following the explosion of deficits, borrowing, and leverage in recent decades. In the private sector, the mountain of debt includes that of households (such as mortgages, credit cards, auto loans, student loans, personal loans), businesses and corporations (bank loans, bond debt, and private debt), and the financial sector (liabilities of bank and nonbank institutions).