Sorry I appreciate your comment. So I read (erroneously?) that central bankers had done away with the reserve ratio in the fractional reserve banking article. And that just seems like a reckless thing to do given how prone to bubbles our economy is.
One of the main points in "this time is different" is that despite the math, we are experiencing greater and greater asset bubbles and at no point in world history were things actually different.
Everything you wrote lined up with the article on wikipedia so if you got something wrong I didn't see it.
I'm referring to the book "This Time Is Different: Eight Centuries of Financial Folly" the title of which mocks the oft repeated defense of bubble investors:
https://www.nber.org/system/files/working_papers/w13882/w13882.pdf
But their point is that every single asset bubble ended up popping, despite the protections instituted by banks and governments. They also point out that the bubbles have been getting bigger and bigger