Next phase: From general interest rate risk to credit risk.
Emergency liquidity *patches* will stave this off for only so long, imho.
Discussion
For homeowners in a credit risk environment will we be forced to pay for loan or will the loan just go up to fed in the event it all crashes? I have enough cash/btc to pay it off in next decade but curious if you would rush to pay down debt in this environment or take on more and get assets