Uniquely dangerous: American finance is testing its fragility

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  The Economist Hi, this is Charlotte Howard,

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  one of the hosts of Checks and Balance, our US podcast.

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  Welcome to Editor's Picks.

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  Here's an article we recommend from the latest edition of The Economist.

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  We hope you enjoy it.

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  America has itself become a source of instability.

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  The list of anxieties is long.

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  Government debt is rising at an alarming pace.

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  Trade policy is beset by legal conflicts and uncertainties.

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  Donald Trump is attacking the country's institutions.

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  Foreign investors are skittish and the dollar has tumbled.

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  Yet astonishingly, one big danger lurks unnoticed still.

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  When you think of financial risk,

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  you may picture investment banking capers on Wall Street or subprime mortgages in Miami.

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  But as our special report explains,

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  over the past decade, American finance has been transformed.

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  A mix of asset managers, hedge funds,

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  private equity firms and trading firms, including Apollo, BlackRock,

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  Blackstone, Citadel, Jane Street, KKR and Millennium,

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  have emerged from the shadows to elbow aside the incumbents.

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