Arthur just narrates what every somewhat-more than armchair economist knows. Not really much new here. It is unsaid (perhaps, since I didn’t read every word) but it boils down to everyone knows the state of play and everyone knows their exposure to a limited set of actions. If anyone decides to step out of the rational program, they would at best be a later domino to fall. Mistakes have become extraordinarily rare since the last couple crashes. China is in the weakest position in that Evergrand, CountryGarden, etc are already the greatest threats to the PRC and ones that would be as close as ever to existential.