October 2025's IMF report reveals a "shifting ground" beneath market calm with the search for yield forcing capital into a shadow banking system of NBFIs.
US and European banks now have approximately $4.5 trillion outstanding in exposure to hedge funds, private credit groups, and other non-bank lenders.
And the signs of stress are now beginning to appear with weak tail of firms already struggling.
https://dialecticaldispatches.substack.com/p/the-dialectic-of-debt
