On January 16 the FinancialTimes published a letter submitted by William White. In commenting on two previous articles in the FT, White drew attention to the buildup of debt, both private and public, in many countries. The “original sin” in the 1990s was leaving interest rates so low that debt was encouraged to rise quickly. Subsequently, central banks had little choice but “to ease dramatically in subsequent cycles to forestall the bursting of the debt bubble that they themselves had created”. Many countries now have a debt overhang that needs to be addressed in a serious way.
https://www.ft.com/content/0cb2d571-14b2-4b9a-b7db-8e102e5195dc