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Recession Watch: Shadow Banking Crisis ... and So Much More

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John Rubino
Oct 24, 2025
∙ Paid

The spread of private equity and non-bank lending has created a “shadow banking system” that’s largely invisible — until something breaks. Then the resulting losses show up in the real banking system, and everyone freaks.

In the past couple of months, some of this shadow paper went bad without warning. Here are a few bullet-point snippets from reporting…

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