Billionaire hedge fund manager Paul Tudor Jones says the world has too much debt, a situation that could lead to “trouble across markets and asset classes,” according to an article in CNBC.com.

According to a report released earlier this year by the Institute of International Finance, worldwide debt has reached $247 trillion, a figure the article says is “being eyed by economists as a growing risk to the global growth outlook.”

At the Greenwich Economic Forum in November, Jones said, “from a 50,000-feet viewpoint, we’re probably in a global debt bubble.” He believes that the corporate bond market will spell the first signs of trouble (S&P Global data from earlier this year shows it hitting an all-time high of $6.3 trillion). “There probably will be some really scary moments with corporate credit,” Jones said, adding that last year’s corporate tax cut could hurt investors in the future by causing the economy to heat up and the Fed to continue raising rates. “Do you really think we would’ve had that kind of a tax cut if we knew where rates were going to be?” Jones queried. The excess lending resulting from low rates, said  Jones, is the reason why “we’re in such a perilous time.”