BML Chart, page-24

Someone's debt is someone else's asset. Against that "asset" more money can be borrowed from the wold casino. Matter of fact, banks do not need any assets at the moment to lend or borrow money. They are too big to fall/fail. This is how the global debt goes to $300trillion and beyond. However, what will happen when a loan cannot be repaid? The asset disappears. Can this cause an avalanche in the over-leveraged market? Yes. This is why the money printing keeps going on, so that the ponzi scheme can continue for a little longer. If you want a real asset, do not hold someone else's liability. Pressures metals are free of any liability if you own physical metal. When the ponzi scheme collapses, PMs and their miners will do well. So, those who believe the market is a ponzi scheme should be happy they can accumulate some more cheap, manipulated, subsidized gold and silver, and possibly some shares in stocks like BML.
Acknowledgement: the above is just a summary of what Bill Holter teaches on: https://www.jsmineset.com.