Is there a dangerous structural development in the global economy?

We look at the global economy as a whole . On this level, can we see serious structural problems which could lead to a dangerous crisis? Possibilities are: A return of inflation due to the high debt level; A slowdown in productivity and a d ecline in potential growth, which could harm the solvency of borrower economic agents; A decline in corporate profitability, which could trigger a credit crisis (a rise in corporate defaults); Asset price bubbles, which could trigger a financial crisis. We believe that there is reason to worry about the decline in potential growth and in corporate profitability, not debt or bubbles.