The era of fiat currencies and central bank printing presses has desensitized us to massive leverage and its implications. So when it is reported, for instance, that China's private sector borrowing has risen to levels that are unprecedented in financial history, this is greeted with a collective yawn.
It shouldn't be, though, because no society can continue to borrow this kind of money without spinning out of control. Some details:
China issues record new loans in the first quarter of 2019 as Beijing battles slowing economy amid trade war
China's efforts to battle its