This isn’t fuelled by credit delinquency though. Not yet at least. Loan books are still pretty robust. Credit and bonds are not really in bad shape.

The problem now is that tech has removed the monetary viscosity of the retail layer.

Deep fake technology + instant mobile banking…

That’s a very explosive mixture for financial stability.

Retail can now rug pull the entire financial system, and that will scare the pants of Central Banks and regulators.