Today, experts monitor a different threat: the rapid, unchecked growth of the $2.5 trillion private credit market.
Regulators warn that this sector operates with high complexity and opacity, mirroring the risks of the previous crash.
Unlike traditional banks, these funds face mounting withdrawal demands as nervous investors seek to secure their capital.
Meanwhile, surging energy prices and the closure of key trade routes create a unprecedented security crisis for global markets.
The tech sector also faces scrutiny as artificial intelligence valuations reach levels some analysts describe as a bubble.
Unlike in 2008, many governments now carry record-high debt, limiting their ability to fund massive emergency bailouts.
Fractured international relations further complicate the outlook, making coordinated global responses much more difficult to achieve.
While banks hold more cash today, significant fragilities still threaten to tip the global economy into recession.
