But it was a bubble and a highly leveraged one at that. While periodic bubbles may be unavoidable, and no bubble is without consequences, a highly leveraged bubble tends to cause far more damage, owing to its impact on the real economy and the duration of the deleveraging process.

Eastern Europe has its problems, which are likely to impact Western Europe s highly leveraged banks. In a globalized world, problems in one part of the system quickly reverberate elsewhere.

Many homebuilders are near bankrupt, as are some hedge funds and other highly leveraged institutions. Even in the US corporate sector, defaults will rise, owing to sharply higher corporate bond spreads.

Uncertainty about how, exactly, the liabilities of highly leveraged banks and over leveraged peripheral governments are to be guaranteed is shrinking the supply of safe savings vehicles at a time when macroeconomic rebalancing calls for it to be rising. And the rapid reductions in budget deficits that European governments are now pledged to undertake can only increase the likelihood of a full double dip recession.

They can take on more risk running a more highly leveraged business with less shareholder capital. They get bigger returns when things go well and receive state support when fortune turns against them heads they win, tails we lose.

Highly leveraged local governments could not tolerate higher interest rates or an appreciating currency, and they were adamant about continuing land sales and opposing property taxes. They feared the financial burden of new requirements to provide social services to urban migrants.

Congress created the Fed, which means that Congress can un create it. By assuming away the damage that highly leveraged megabanks can do, the myth of a good crisis merely makes political pressure on central banks all the more likely.

Deleveraging by highly leveraged firms such as hedge funds will lead them to sell illiquid assets in illiquid markets. And some emerging market economies despite massive IMF support will experience a severe financial crisis with contagious effects on other economies.

Another key challenge concerns China s slumping property sector, in which construction and prices dropped rapidly last year. If highly leveraged developers are under stress, they could produce non performing loans and thus considerable risk in both the traditional and shadow banking sectors.

Meanwhile, the continuing problems at European banks are a stark reminder that operating highly leveraged, thinly capitalized firms is incredibly risky. And the regulatory failures in Europe consider the German Landesbanks, for example will become only more obvious in the coming months.

Bankers want to be so highly leveraged for a simple reason implicit government guarantees mean that they get the upside when things go well, while the downside is someone else s problem. Contrary to bankers claims, this is not a good arrangement for society.

In addition to the excessive focus on short term results, a second important source of incentives to take excessive risks has thus far received little attention. The payoffs of financial sector executives were tied to highly leveraged bets on the value of their firms capital.

The partnerships have leveraged additional funding from the Government of the Netherlands.

Why were the risk controls at highly leveraged money center universal banks so lousy? Why weren t central banks and governments willing and able to step up and maintain the flow of aggregate demand as the financial crisis and its aftermath choked off private investment and consumption spending?

While the government has assembled considerable firepower to limit the unwinding of a spectacular bubble, the overhang of highly leveraged speculative demand is disconcerting. Indeed, in the 12 months ending in June, margin financing of stock purchases nearly tripled as a share of tradable domestic equity market capitalization.

When interest rates rise, as they surely will, the bubbles will burst, the prices of those securities will fall, and anyone holding them will be hurt. To the extent that banks and other highly leveraged financial institutions hold them, the bursting bubbles could cause bankruptcies and financial market breakdown.

We leveraged that 10,000 seed grant more than 300 times into a 3 million park.

The Bank's contribution of 60 million to these projects leveraged more than 115 million from other donors.

The public losses are massive in comparison roughly 6 trillion, if we limit ourselves just to the increase in federal government debt. And leading bank executives still insist that they should be allowed to run highly leveraged global businesses, in which they are paid based on their return on equity unadjusted for any risk.

Highly leveraged systems in finance dependent economies were the first to hit a wall, surprising many who had uncritically bought into the Great Moderation the idea that macroeconomic and asset market volatility had eased permanently. The bold policy action that countered the initial disorder prevented a global depression, but it encumbered public sector balance sheets.

Moreover, India s leaders have not leveraged the bargaining power afforded by its massive arms purchases to advance national interests. They could, for example, try to persuade the US to stop selling arms to Pakistan, or secure better access to the American market for India s highly competitive IT and pharmaceutical sectors, which are facing new US non tariff barriers.

The bond channel doesn t work when bond yields are already low and the credit channel doesn t work when banks hoard liquidity and velocity collapses. Indeed, those who can borrow (high grade firms and prime households) don t want or need to, while those who need to highly leveraged firms and non prime households can t, owing to the credit crunch.

These leading, innovative, nonprofit folks, who are using business skills in a very leveraged way to solve social problems.

This memorandum of understanding has leveraged additional funding for water for Asian cities from the Government of the Netherlands.

The weakness of the Russian economy and its highly leveraged banks and corporations, in particular, which was masked in recent years by the windfall brought by spiking oil and gas prices, burst into full view as the global economy tumbled. Saddled with a rust belt infrastructure, Russia further disqualifies itself with dysfunctional and revanchist politics and a demographic trend in near terminal decline.

Despite the firming up of interest rates in recent months, their very low levels over the past two years have encouraged the growth of a variety of alternative investment vehicles, primarily in the form of highly leveraged hedge funds, and excessive flows of speculative funds in Asia, both of which warrant closer attention to avoid potential upheavals in financial markets.

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Similar reckless lending practices prevailed in the leveraged buyout market, where private equity firms take over public companies and finance the deals with high debt ratios the leveraged loan market, where banks provide financing to private equity firms and the asset backed commercial paper market, where banks use off balance sheet schemes to borrow very short term.

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Within the United Nations system, many agencies have leveraged the events of the last year to start new, or to highlight existing, road safety activities.

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