Fifteen years after the global financial crisis, policymakers speak confidently about the resilience of the modern financial system. Capital ratios are higher, liquidity buffers deeper, and stress tests routine. Yet beneath that reassurance, a familiar pattern has been quietly rebuilding itself — leverage cloaked in complexity, opacity mistaken for innovation, and risk migrating to where the rules are thinnest. The world’s next financial crisis may already be funded, not through the banks that caused the last one, but through the shadows they left behind. Since 2008, regulators have done what they were designed to do: repair the visible architecture of…

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