Carrying the weight
Should the world worry about America’s corporate-debt mountain?
It is not like the subprime crisis. But it could make the next recession worse
American household debt set off the global financial crisis in 2007. But for much of the subsequent recovery America has looked like a paragon of creditworthiness. Its households have rebuilt their balance-sheets; its firms have made bumper profits; and its government goes on providing the world’s favourite safe assets. If people wanted to look for dodgy debt over the past decade they had to look elsewhere: to Europe, where the sovereign debt crisis dragged on; to China, where local governments and state-owned firms have gorged themselves on credit; and to emerging markets, where dollar-denominated debts are a perennial source of vulnerability.
Should they now look again at America? Household debt has been shrinking relative to the economy ever since it scuppered the financial system. But since 2012 corporate debt has been doing the
Hinter den Kulissen von Big Business.
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