Paul Krugman asks, is private credit the new shadow banking system? He dissects the booming private credit market, its potential risks, and its role in reshaping financial intermediation, wondering if it's a hidden danger or a necessary evolution. Explore his analysis of this opaque sector and its implications: https://paulkrugman.substack.com/p/private-credit-and-the-new-world #PrivateCredit #FinancialMarkets #Economics