Anything that happens happens. Anything that in happening, causes itself to happen again, happens again. Systemic (read business cycle provoking) risk takes th

Anything that happens happens. Anything that in happening, causes itself to happen again, happens again. Systemic (read business cycle provoking) risk takes this form, by definition. That's what's systemic about it. Interest rates are low. Credit is cheap. Junk bonds are junk because more junk bonds will default. When will they default? Do defaults pile up during a credit "crunch?" Will a pile up of defaults trigger a credit crunch? Does the thing that happens cause itself to happen again?