Since the prior two recessions in the US were so big and unusual (2008 and 2020), a lot of people have become accustomed to thinking that something massive for the economy is always around the corner.

Now, since the fiat system does trend toward being less and less stable over time, there’s a very real possibility that we will keep getting larger crises.

But sometimes there can be periods of just stagnation. Not everything is explosive, economically speaking. And public sector debt bubbles tend to unfold very differently than private debt bubbles.