US mortgage crisis. About a year later, after it became clear that the company was chasing volumes at the expense of quality, he began shorting. Mr Poloz needed to get serious, he said. "When the problem happened in the US, everyone was saying it was 'contained'. But it's like the Great Lakes: Michig

ndebtedness—we expect that high levels of debt will make the economy as a whole more sensitive to higher interest rates today than in the past." In Poloz's honest treatise on what keeps him awake at night, he noted, "It is not just the amount of debt; it is also its composition and distribution. More