We’re still calling it a “debt crisis.” And when we feel the jobs sweeping away and the cold hand of stagnation choking off the economy and threatening recession, we tend to search for an explanation by peering into the bottomless pit of debt. But in most parts of the world, including Canada, debt is not the major problem. That was four years ago. Today, a far bigger threat is pouring down from atop the most prominent and least remarked-upon new addition to our financial landscape: all those teetering mountains of cash.
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