一切都是从债务开始的。
在21世纪初，美国房地产似乎势不可挡，并在价格上导致消费者、银行和投资者都负债累累。异国情调的旨在分散风险的金融工具反而被放大，它们吸引了来自全球的投资者。裂缝出现在2007年，当时美国房价开始下跌，最终导致两个大型对冲基金因次级抵押贷款、证券而倒闭。然而，随着2008年夏天的过去，很少有人想到雷曼兄弟兄弟公司即将破产，更不用说它将引发全球流动性危机。这种破坏最终引发了自二战以来的第一次全球衰退，同时在欧元区埋下了主权债务危机的种子，很多人失去了工作、家园和积蓄，从2008年9月起开始白手起家过日子。从历史上看，平均需要8年时间才能恢复从债务危机来看，这种模式在此次危机中得到了验证。尽管世界经济最近正在恢复向上的势头，但是过去十年的惨淡和不均衡的增长说明了这次金融危机的严重后果。
2008年危机后，中央银行、监管者和政策制定者被迫采取非常措施。因此，银行的资本金如今更高，在全球金融体系中游荡的资金越来越少。但是一些熟悉的风险正在悄悄地卷土重来，新的风险已经出现。在本文中，基于对金融市场十年来的研究，我们来看看情况发生了什么样的变化（那些是没有改变的？）。

GLOBAL DEBT CONTINUES TO GROW, FUELED BY
NEW BORROWERS
As the Great Recession receded, many expected to see a wave of deleveraging. But it never came. Confounding expectations, the combined global debt of governments, nonfinancial corporations, and households has grown by $72 trillion since the end of 2007.The increase is smaller but still pronounced when measured relative to GDP.
Underneath that headline number are important differences in who has
borrowed and the sources and types of debt outstanding. Governments in
advanced economies have borrowed heavily, as have nonfinancial companies
around the world. China alone accounts for more than one-third of global
debt growth since the crisis. Its total debt has increased by more than five
times over the past decade to reach $29.6 trillion by mid-2017. Its debt
has gone from 145 percent of GDP in 2007, in line with other developing
countries, to 256 percent in 2017. This puts China’s debt on a par with that of
advanced economies.