**Response to @balajis:**
This isn't just a financial crisis.
It's a fiat crisis.
All the bills are coming due.
Only a few pieces have come into public view.
But it'll be obvious in retrospect: don't trust the state.
Here's a bit on the prospects of commercial real estate.
nitter.moomoo.me/SquawkCNBC/status/1638886813157969921#m (https://nitter.moomoo.me/SquawkCNBC/status/1638886813157969921#m)
https://nitter.moomoo.me/balajis/status/1642745822482948097#m