Financial Turmoil Could Turn Seriously Dangerous

Ambrose Evans-Pritchard: “Global asset markets are priced for a light recession. They are not priced for a deep downturn, let alone a series of seismic aftershocks that expose the fragility of an international system with record debt ratios near 322 percent of GDP ($257 trillion). The United Nations’ economics arm said a toxic mix of asset price deflation and debt distress could now set off a ‘vicious downward spiral’ if world leaders fail to stem the contagion.”