Ruchir Sharma, “How the Next Downturn Will Surprise Us”
The editorialist argues that in their campaign to contain the risks that caused the Great Recession, central bankers may have planted the seeds for the next global economic crisis. Over the past 10 years, the world’s largest central banks have expanded their balance sheets from less than $5 trillion to more than $17 trillion, with much of the newly printed money finding its way into the financial markets where it often follows the path of least regulation. Within the $290 trillion global financial markets, there are hundreds of new risks, pools of potentially troubled debt. The most troubling are corporate borrowers and so-called non-bank lenders all over the world (reads in 5-6 min).

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