Seeds of the next major financial crisis may well be found in today’s sovereign debt levels. – Baupost

Debt to GDP 2008-2018

Italy: 102% to 132%
US: 74% to 105%
Canada: 68% to 90%
Spain: 39% to 98%
France: 69% to 98%
UK: 50% to 88%
China: 27% to 47%

Seeds of the next major financial crisis may well be found in today’s sovereign debt levels. – Baupost

v @BearTrapsReport

— Lawrence McDonald (@Convertbond) January 26, 2019