Excellent post with some clear focus on these major issues which are generally ignored by most.

Max has been warning of a "bond-pocalypse" for years now. The fact that it has not yet happened does not reflect badly on Max. Instead, it simply means that when the crash finally happens, the fallout is going to be so much more catastrophic.

It will not be something that a little tightening of belts will cure. Nor something that a major bailout will cure.

As clarified above by Max and Luke, there are many systemic problems that are festering. The reason the powers-that-be don't do anything to alleviate the situation is simply that there's NOTHING they can do. The storm clouds continue to gather and darken.