William White, formerly with the Bank of Canada among other jobs, has another cheery list of reasons to worry about a new financial crisis.

• large increases in dollar-denominated debt in the private sectors of emerging market economies,
• high property prices in many countries,
• asset-management and private equity firms acting as lenders in place in traditional banks, with less regulation and fewer limits on risk taking,
• disparities in interest rates between countries leading to capital movement
• flash crashes,
• algorithmic trading,
• passive investing, and
• the possibility of slower growth, higher inflation, and political meddling in monetary policy in the U.S. caused in part by Trump’s misguided policies.