There clearly are some important imbalances we still have to contend with, particularly in the United States. The most often mentioned of these are high share prices, the high US dollar and an overhang of capital expenditure, particularly in technology. It is worth looking a little more closely at them.
When share prices were on the way up, and setting new highs for the price-earning-ratio, many people were expecting that this would eventually be followed by a crash like 1987, if not one of 1929 proportions. That scenario seems less likely now that we have about 15 months of correction behind us.