Post-2008-2009 crisis research and analysis have established that the financial crisis was “not special,” but was, in fact, reminiscent of prior crises. In particular, there are important similarities between the 2007-2009 crisis and the previous crises. In all those crises, there were (IV) house price run-ups, (I) notable increases in public debt, and (III) excessive borrowing from foreign institutions and governments, (II) triggering negative current account balances.