Great piece. This trajectory has existed for a long time now. Essentially all the toxic debt from 2008 was simply federalised (can-kicked). Rampant money printing was the only way to maintain the game. Now we're seeing the results of that. If you want to dive deeper into this stuff can highly recommend subreddit r/superstonk and the due diligence that's accumulated there since things nearly went boom in Jan 2021 with GameStop (https://www.reddit.com/r/Superstonk/). It may even be the best play for the coming economic maelstrom.