It seems like the process will be more of a slow creep than a sudden event. Yes the rules are there to take everything in a disaster if need be, but slowly corralling ever more assets into State control doesn’t spook the sheep.

For example, take mortgage back securities in the US. ~90% of MBS is already owned or backstopped by the US government, but hardly anyone knows or cares. It’s confusing and normalized so…whatever, catch the game last night?