The key takeaway is the part where 50% of the investors getting wiped out or taking a haircut is pensions and insurance companies chasing higher returns with dodgy private credit. The bankers run their scams, and when it crashes, their government assets print more money and bail them out. There are so many places where this banking house of cards could be triggered, but can the feds just print their way out, or will bank runs commence and hyperinflation run wild?