Private Credit's Black Box + Why It's Not 2008 (But Still Risky)

The Spillover · Mar 31, 2026 · 38m

This episode dives into how the opaque growth and structural risks in private credit, combined with global supply shocks and market stress spurred by the Iran war, are creating a uniquely fragile and unpredictable economic landscape.

Hosts:

Sebastian Mallaby, Paul A. Volcker Senior Fellow for International Economics, Council on Foreign Relations (CFR)

Rebecca Patterson, Senior Fellow, Council on Foreign Relations (CFR)

We discuss:

The rapid rise of private credit, its lack of transparency, and why recent bankruptcies are raising red flags.

How $10 billion in redemption requests were submitted…