The entire world is super leveraged at levels generally seen during major recessions or wars.

And that's excluding the huge amount of multi tiered private credit.

While this is not an indication of anything bad on its own it definitely creates the conditions for cataclysms.

It's like being on a very very dry hay field, it does not mean that you're bound to die on fire, it just means that the risks of a fire being extremely destructive are high.