Bass makes a whole series of insightful observations regarding the global economy in the attached video, observations of the type one is unlikely to hear expressed on CNBC . But he makes one particularly chilling point. We have never seen peace time debt levels like this. In the past when debt levels spiked, during and just before war, the losers of the war got saddled with the debt. What happens now with much higher levels of debt to GDP ratios than we’ve ever seen, when the world is for the most part at peace?