What Do You Call A Bigger Wave Of Debt?

Sometimes you work on a big and worthwhile project, and then find yourself to be overtaken by events. The project remains worthwhile, but it can suddenly feel outdated. Thus, I found myself wincing in sympathy at  Global Waves of Debt: Causes and Consequences, a World Bank report written by M. Ayhan Kose, Peter Nagle, Franziska Ohnsorge, and Naotaka Sugawara and published in March 2021. 

The problem is that the report focuses on four major waves of government debt up through 2018. Of course, when the authors launched into this project they had no way of knowing that the world was on the cusp of a COVID-related surge in government debt starting in 2020.  But the result is that the authors are warning of the potential dangers of a wave of government debt given the debt levels of 2018--but the pandemic-related debt wave is now bigger than they would have anticipated. For example, they write: 

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