Everyone interested in credit must read this article! But if default rates are likely to be higher in the next downturn, then the conclusion may well be that we are facing a longer and more severe correction than the previous 2009 experience. Layering in liquidity needs from three additional global factors point to the same conclusion: larger European high yield markets, explosively larger global leveraged loan markets and the unwinding of negative interest rates in Europe and Japan. Could all happen at the same time.