I disagree with this take. While I agree the problems and risks to the system are much greater than 2008 and there is likely some pain to come, there will be no debate, no reservation this time around. Covid showed the new playbook. Liquidity firehose will be unleashed. The only collapse we need to be fearful of is a collapse of confidence. There will be a day when the market doesn't buy central bank and government's bullshit anymore. Remember, fiat world is highly incentivized to perpetuate the system and to retain confidence in the system. Until they are forced not to.