It's very hard to gauge realistically what this means. There are a lot of vested interests in the financial system not crashing and those put strong reinforcing effects back on things. But in the end it is a game of chicken where eventually being the last to bail out becomes higher risk than continuing to support a system where an imminent crash is possible. It feels like there are strong non-linear tipping points where things could go exponential pretty suddenly here.

The problem is that the level of debt overall in the US - across both private and public sector - is just astronomical. We are truly in unchartered waters, outside of a world war. There's just no model or playbook for how this should work from here forward, other than it seems very clear we will hit a point where the math stops "mathing" and that point is getting closer and closer.