The IMF’s Global Financial Stability Report has serious warnings about significant financial stability vulnerabilities in the U.S. and the rest of the world. IMF researchers’ analysis shows that if a major economic downturn occurs, “corporate debt at risk of default would rise to $19 trillion, or nearly 40 percent of the total debt in eight major economies.” The IMF report bluntly pointed out that “Surges in financial risk-taking usually precede economic downturns.”