Here's what most miss: massive debt transfers – not banking collapses – are where the real damage lives. Sure, a banking crisis *looks* catastrophic, and analysts pile on it. But that's just one exit route for bloated debt. The actual price tag? It's all those transfers flowing through the system, plus the domino effect when financial stress kicks in. Those ripples reshape portfolios, alter risk appetite, and shift where capital flows next. That's the cost that sticks around.