The number one scenario - inflation starts, Feds raises rates, debt service costs raise => debt grows even more and at some point people realize that it cannot be paid back without too much inflation.
Reinforcement in raised rates => depression and stock market crash => investors stop using US equities and real estate as value store.
Reinforcement in raised rates => depression and stock market crash => investors stop using US equities and real estate as value store.
And Feds needs to raise rates - because of negative effective funds rate (https://www.lynalden.com/wp-content/uploads/newsletter-2022-...) - this is also something that people might not perceive for a long time - but then suddenly see it.