10/23/2021
"If there is one common theme to the vast range of the world’s financial crises, it is that excessive debt accumulation, whether by the government, banks, corporations, or consumers, often poses greater systemic risks than it seems during a boom."
Beware of debts that seem sensible during periods of prosperity. When a crisis comes, individuals, companies, and even governments that ran up debts during the boom usually suffer the most.