US and Japan Government Bond Yields

2000 era: Junk in the private sector dies (should have died but were bailed out and the problem kicked down the road)

2007-08 era: Fraudulet gamblers of the investment banks and funds die (should have died but were bailed out and the problem kicked down the road)

2020-2023 era: Retail banks that hold gov debt die (should have died but were bailed out and the problem kicked down the road)

The problem moves from the outer edges towards the center each time the can is kicked down the roard through inflation (money printing).

The next to die will be the State and central banks.

They will try to bail themselves out which will put the nail in the coffin and the cycle repeats.

In the meantime, bitcoin halving approaching