🚨 Warning: Something big may be coming.

A research note from the Federal Reserve shows a serious risk.

Life insurance companies now hold more risky debt than they held subprime mortgage bonds before the 2008 crisis.

Key problems:

• Private credit market is about $3 trillion and already weakening

• Default rates are rising

• Many private credit funds trade below their real value

• Experts at PIMCO warn the system may not handle heavy withdrawals

Other warning signs:

• Very high hedge fund leverage

• Very low institutional cash

• Margin debt at record highs

• Company insiders selling shares quickly

• Central banks buying gold at record speed

Simple idea:

When debt is high and cash is low, even a small shock can cause a fast market drop.$BTC

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