The next financial crisis will come later, but will also be more severe than what many investors or economists believe

As long as interest rates are very low in OECD countries, it is very unlikely that a financial crisis will break out since all borrowers are solvent, even the most indebted. For a crisis to break out, inflation and interest rates will therefore have to rise again, which may be triggered by a number of causes: A change in labour market policies; A de-globalisation of real economies; Population ageing; The price of energy , due to the energy transition. These developments will probably unfold at a later stage and are not visible at present. But once interest rates rise again, debt ratios (particularly public ones due to expansionary fiscal policies but also private ones due to the upturn in credit) will be very high, and the crisis is therefore going to be very drastic.