The world has too much debt

Jonathan Pain | The Pain Report | 19 February 2019 | 0.50 CE

The global stock market crash of 2018 was a painful reminder that the world has too much debt and of our inability to cope with higher interest rates. Two of the defining characteristics of the global investment landscape over the last 30 years have been the forces of globalisation and ‘financialisation'. Both of these phenomena are now being reversed - globalisation, by economic nationalism, and finalisation by the realisation we...