The fundamental differences between 2007 and the present are not always clearly realised

It is not always realised to what extent the present economic and financial situation of OECD countries differs from the situation in 2007. In particular: The private sector has deleveraged and the banks are far more solid; Due to the small increases in labour costs and the resulting low level of inflation, interest rates can stay low and corporate profitability can remain high; The oil price is relatively low. All this should reassure investors, but this is not the case.