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Almost ten years have come and gone since the 2008 financial crisis. Back then, credit markets collapsed in part triggering global economic collapse.

Right now, the U.S. economy continues to suggest that it is late in this cycle. So can history repeat itself?

The answer lies in measuring and mapping debt service ratios, says Hedgeye CEO Keith McCullough. The change in credit growth versus the change in debt service ratios is not in the “danger zone” like it was before the crash.

“The danger zone does have the USA rising, but it’s just not where it was,” McCullough explains in the clip above.

“The biggest causal factors [of a crisis] are a combination of growth slowing, debt rising, deficits rising and demographics going the wrong way.”

Watch the full clip above for more.

McCullough: Credit Looks Different Now Than Before '08 Crash - the macro show