The third leg of the world's intractable depression is yet to come. If trade economists at the United Nations are right, the next traumatic episode may entail the greatest debt jubilee in history. " Alarm bells have been ringing over the explosion of corporate debt levels in emerging economies, which now exceed $25 trillion. Damaging deflationary spirals cannot be ruled out," said the annual report of the UN Conference on Trade and Development (UNCTAD). Some countries are slipping backwards, victims of "premature deindustrialisation." Many have fallen further behind the rich world than in 1980, despite opening up their economies and following the global policy script diligently. UNCTAD says corporate debt in emerging markets has risen from 57pc to 104pc of GDP since the end of 2008, and much of this may have to written off unless there is a world policy revolution. (Source: Ambrose Evans-Pritchard - Telegraph UK) (VIEW LINK)