This document summarizes the risks facing the modern global economic system. It outlines several macroeconomic risks such as uneven global growth and emerging market vulnerabilities. It also discusses risks from changes in monetary policy like the tapering of quantitative easing. Several negative internal factors are mentioned like the sovereign debt crisis in Europe and the property bubble in China. However, some positive internal factors may help like improved risk management and regulation. The document examines the potential effects of these risks, like reversals of capital flows to emerging markets and rising emerging market risk premiums. Charts show trends in government and private debt levels that could exacerbate problems. The conclusion discusses the possibility of high yield bond defaults and liquidity crises without reforms and coordination between institutions.