The document summarizes the current state of global finance and identifies risks on the horizon. It discusses how rising debt levels fueled a global "debt supercycle" as borrowing became a way of life. This included growth of the shadow banking system and securitization to increase credit flows. However, failed regulation led to a collapse of lending standards and growth of risky behaviors. Going forward, high debt levels across governments, businesses, and households pose structural risks, as many countries face pension obligations and budget deficits that could challenge financial stability in the coming years.