In the shadow of the Iran war, another crisis is looming that could have much more far-reaching consequences. Memories of the financial crisis are awakening.
While headlines around the world are dominated by the conflict in Iran and rising oil prices, a risk that could be far more dangerous is emerging in the global financial system. It’s about private credit – a market that has grown to a volume of $1.6 trillion in recent years. It is the world of asset managers like Blackstone and Apollo, who are now taking on the role that the classic house bank used to play.
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