The sound you hear might possibly be a countdown in Pyongyang. But if you treat economics as a guide to global insecurity, the bomb you probably worry most about is debt.

Whether it’s the European Central Bank’s persistence in buying bonds, the US government’s persistence in growing budget deficits, the high levels of household debt in countries like Australia and Canada or the unmanaged appetites for debt among China’s enormous state-owned enterprises, the hazard lights are flashing globally.

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