The total value of assets and debt instruments as assets of the global macroeconomic system supports the total value of the system. Only through the net positive expansion of integral  total system private citizen, corporate, state, and central bank debt growth can the system’s first derivative  of total valuation remain positive.

The major inflection points of the macroeconomic’s system’s peak valuations and nadir valuations represent the first derivative zero levels of global net debt growth and net bad debt liquidation, respectively.

Where is the system in relation to its major peak inflection first derivative zero point of net debt expansion?

Very very close  … but first an expected mathematical blow-off conforming to a 16/40/40 hegemonic perfect fractal pattern.

The US hegemonic system will  reach only year 88 of a potential 90-91 third fractal maximal year peak of a 1807 potential 36+/90-91/90-91 year :: x/2.5x/2.5x blow-off series.