The last in a series of essays marking the 10th anniversary of the crisis argues the ultralow rates that inflated assets and led to widespread capital misallocation, wealth inequality, financial instability and other risks in advanced economies are even more evident in China.
The subprime crisis was born from yield-chasing in the Greenspan easy-money era. Even lower interest rates since the Lehman bust revived the global carry trade. Another maelstrom will be hard to avoid.
Ultralow interest rates after the crisis may have lifted many boats, but the yachts of the wealthiest have been buoyed above all. Wall Street and the CEO class particularly benefited. This has come at the expense of the less fortunate, who are making their displeasure known.