I read « there is no new bubble coming to save us » it is a terrible error of someone who has not understood that everything that is issued, all the paper is one and the same set and who does not understand that the » we make the ultimate bubble, the bubble of money, we emit it all at once.
A currency has several forms: cash, deposits, reserves, government debt … and all these forms on a single ultimate referent, real wealth. It is the disproportion between the promises included in the paper and the real wealth that defines a bubble
Fragility goes back to the ultimate level which is the triptych:
When we have exhausted the myth of the solidity of this triptych there will only be the IMF: the whole world!