Once the Fed starts buying in huge amounts then they can cap rates. It is this tricky period until they do that is the problem. I'm thinking there is a sort of gentlemen's agreement not to pressure leveraged Treasury coupon holders because soon enough it will be the Fed to the rescue. With some winks and nods that losses will be covered, somehow if needs be.
The lesson of 87 and beyond is that banks never have to go bankrupt. Some are allowed to perhaps but none have to.. Help those in trouble until the trouble subsides is plan A.
China has built dozens of giant cities, rail and road networks, huge factory infrastructure, and on and on, without the national government incurring any debt. Local governments do it via bank lending. Here we have to go through contortions trying to get the money into the people economy. Do Chinese banks admit losses? There have been a few banks and bond funds go under now and then but I can't figure out how mostly empty cities built with credit are working out for the banks, Well it's the new age, Nobody has to go bankrupt.
If you get your shot I assume they will give some kind of certificate. I got one here. I would think that will be part of being allowed to travel internationally in the coming months.