Deleveraging

In October, 2008, at the height of the financial crisis, he circulated a twenty-page essay immodestly titled “A Template for Understanding What’s Going On,” which said the economy faced not just a common recession but a “deleveraging”—a period in which people cut back on borrowing and rebuild their savings—the impact of which would be felt for a generation.

Source: wiktionary

Because it had studied the nature of deleveragings or depressions, the team knew that deleveragings occur when interest rates go to zero and there's an excessive amount of debt.

Source: wiktionary