The core of the issue you're pointing out, and I think you're right to be cautious here, revolves around where the yield comes from. There's a famous saying that applies: "There is no such thing as a free lunch." Yield is never truly risk-free.

It is a moral hazard to believe that governments will bail out banks, and therefore it’s "risk-free." However, 2008 and events like the collapse of SVB in 2023 clearly show that even though many big banks were bailed out by government intervention, not all institutions survive.

Saifedean’s argument is consistent with Austrian Economics principles that highlight the importance of sound money and minimizing leverage in an environment with inelastic money supply.