Same thing happens in macro. Doomers will be like “all this debt is going to implode and be deflationary” and then the central bank and fiscal authorities respond and print money. Deflation gone, enter inflation.

And then other doomers always expect hyperinflation around the corner, even though policymakers do respond to currency weakness as well. It’s not to say it can never happen, but it’s never on the timeline they think.

Risks need to be monitored, but most systems do have responsive control loops in them that mitigate risks more than doomers think.