Dr. Rasmus explains the role of debt in generating financial asset price bubbles in 21st century capitalism, and globally since 2008-09 last crisis. How debt may play a positive role in generating real investment or how credit and debt may divert into financial asset markets instead, creating bubbles and eventual financial asset markets deflation. The latter has been increasingly the case in 21st century global capitalism, creating a growing instability in the system. Where has the debt been going since 2008-09? Households, corporations, and governments. ‘Bad’ debt (fueling financial markets) now exceeds ‘good’ debt (financing real investment in making things, creating jobs, raising incomes). Rasmus explains why there’s an emerging global manufacturing recession underway, as well as declining construction, and how it’s spilling over to tech sector and later will as well to services, creating a recession by late 2019 or early 2020 in the US and globally. How debt acceleration has been responsible for the record levels of stock markets, bonds, foreign exchange speculation, oil and commodities speculation, property prices, etc. from 2010 to 2017. Why those financial asset markets are now all deflating. What will be the causal consequences for the global manufacturing and construction recessions emerging now as well.