The writer is a former banker and author of ‘Traders, Guns & Money’, ‘Extreme Money’ and ‘Banquet of Consequences’
In the lead up to the global financial crisis, the systemic risks building in markets were overlooked by many. Those risks proved calamitous. Today, there are multiple financial vulnerabilities and faultlines.
First, investors have increasingly borrowed low-cost funds, often in foreign currencies, to invest in higher yielding investments in ubiquitous carry trades, that are now vulnerable to moves in asset prices and currency values.
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