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1、LendingweightItwasthegrowingrateofdefaultonhomemortgagesinAmericathatprecipitatedthefinancialcrisisfiveyearsago.Thesedelinquencies,althoughnotenormousinthemselves,becameimpossibleforsomeinvestmentbankstobear,thankspartlytotheirownheavydebts.Asthecontagionspreadthro
2、ughoutthefinancialsectorin2007-08,nervousorcash-strappedbanksandothercreditorsstoppedlending,therebyinfectingtherestoftheeconomy.Deeprecessionsandbigfinancialrescuesthemledtosurgeingovernmentdebt.That,inturn,raisedfearsaboutthesolvencyofvariouscountriesineuroarea,c
3、ulminatinginGreece’sdefaultin2012.Debtwas,then,bothacauseandaconsequenceofthecrisis,andremainsabigreasonforitscontinuance.Economiststendtoseedebtasusefulmeanstogetmoneywhereitismostneeded,fromcreditorswithanexcessofit,toborrowerswhoareshortofit.Thebroadeninganddeep
4、eningofinternationalcreditmarketsthatprecededthefinancialcrisiswasconsideredaspurtogrowth,sinceitgaveevermoreborrowersaccesstobiggerloansatlowerratesofinterest.Whendisasterstruck,however,debtturnedfromaladderintoachute.Workingoutwhatwentwrong,andwhendebtturnsdanger
5、ous,hasbecomeapreoccupationofeconomicsinrecentyears.Debtispossiblytheoldestfinancialinstrument,oldereventhanmoney.ArchaeologistshaveunearthedBabyloniantabletsofsun-driedclayrecordingobligationsincurredinthethirdmillenniumbeforeChrist.Butdespiteitsvenerability,debti
6、snotmuchrespected.InGerman,thewordfordebt(Schuld)alsomeanssin(aviewthatmanyGermansstillseemtohold).Thosewhorunupdebtsareassumedtobeprofligateandthosewhochasethemdownmercenaryandunfeeling.Thatisbecausedebtisapeculiarlyunforgivinginstrument:itmustbepaidinfullandontim
7、e,comewhatmay.Thatdistinguishesdebtfromsomeotherfinancialliabilities,suchasshares,whicharemoreflexible,promisingonlyacutoftheprofits,whatevertheymaybe.Before2008mostmacroeconomicmodelsmadelittleroomfordebt(especiallyoftheprivate,domesticsort),letalonedefault.Atthel
8、eveloftheeconomyasawhole,afterall,borrowersandlenderscanceleachotherout:everydollarowedbysomeoneisalsoowedtosomeone.Thustheliabilitiesofalldebtor
