The Debt Trap_ Why the Next Crisis Won't Play by the Rules

When we look back at the financial crashes of the past, we tend to see a clear pattern. We see the credit boom, the over-leveraged bets, and the eventual burst that sends shockwaves through the global economy. But economists are starting to whisper about a different kind of future. We are currently facing a reality where the traditional playbook for recovery—like pumping massive amounts of government stimulus into the market—might not just be ineffective, but actually dangerous. The core of this problem is the U.S. national debt. We are entering this potential danger zone with debt-to-GDP ratios that are higher than anything we have seen in modern history. This leaves us with very limited fiscal space. In previous downturns, policymakers could simply open the spending floodgates to boost demand. B

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