The problem still there though would be the staggering amount of low rate bonds on the banks' balance sheets. That have already been underwater for a few years, and would only get far worse. Then the commercial real estate exposure for banks like JP Morgan will get massively hit too. They will keep running into huge problems if they have to conjure trillions out of thin air to pretend the whole banking system isn't insolvent, at the same time they have to raise rates further to keep inflation in check.

Just gonna be a huge fucking mess it seems like to me.