Probably - interest rates rise a bit, the markets start going down rather than up, the pension funds end up needing topping up / bailing out. The economist Minsky had an interesting theory that in stable prosperous times people borrow to buy office blocks and the like until the degree of leverage makes the system unstable and it all goes wrong. Unless you have govt intervention to stop that which seems kind of absent in the west at the moment. https://en.wikipedia.org/wiki/Minsky_moment
