Article is interesting reading but alarmist to me and the linkage of oil collapse with the GFC is tenuous imo.
The GFC led to the price of oil collapsing as financial players pulled out of speculating on commodities? Copper etc all suffered the same fate. It's not the other way round.
Today it is supply exceeding demand by around 1m barrels a day vs total volume of 90m barrels a day. Will not take much to drive 1.5m barrels out of production with oil under $70/barrel.
As for junk bonds - it's US$1.5 trillion so if 20% = energy companies, then that's US$300b. Of that 50% may default? US$150b = bugger all in the overall scheme of things.
Buy OSH and Santos.
:D