Of all the fears sweeping the markets right now, perhaps the most worrying is the fear of a debt crisis in the corporate sector.
Warnings about corporate debt rising to unsustainable levels are intensifying, at a time when interest rates are at record lows and even Greece joined the club of negative-yield sovereign debt issuers.
The biggest question that is still unanswered after the 2007-2009 financial crisis is: why has growth been so slow? Compared to previous recessions, both in the US and in Europe, the rebound has felt more like an extension of the crisis rather than like a proper recovery, as in previous cases.
Almost two years ago, economist Andrew Smithers warned that US companies themselves were endangering the recovery. Little has changed since then, but public awareness of the problem is increasing, and with it, hopes that a solution is around the corner.