Most important, the banking system is part of U.S. Government because USG has already chosen to accept its liabilities—by guaranteeing them. When A guarantees B’s liabilities, B needs to be on A’s balance sheet. This is accounting 101, folks.
They won't though, that would be them "serving us", which they don't do.
It's funny, as I was reading some old moldbug on the last big crash, where he says the same thing.
https://www.unqualified-reservations.org/2008/09/maturity-transformation-considered/?utm_source=substack&utm_medium=email
They won't though, that would be them "serving us", which they don't do.