Is a global systemic banking crisis looming? Emil Kalinowski, host of Eurodollar University, provides color on several countries that have tripped the financial crisis circuit. Using BIS data and his own research, Kalinowski explains why a massive deleveraging campaign in countries’ private debt sectors is needed to avoid a “Fourth Turning” era of destruction in the global economy. Despite crisis indicators arising in several highly stable and developed countries, the BIS data provides a starting point to outline the warning signs of when global household sectors and debt servicing ratios go haywire. Interviewed by Maggie Lake on October 4, 2021.