“Every financial crisis is basically a roll failure (not enough liquidity to roll the existing debt at tolerable prices).”

Sounds like the powers that be are merely taking out Options Contracts on the debt cycle.

And when gamma overtakes theta to the point they can no longer roll the Option out in time or up in strike; the inevitable happens.

They get assigned or are forced to pay a short term premium in hopes that “next expiration” they can roll.

(aka they assign us or force us to pay the piper)