I am nowhere near as educated as the author about how the macroeconomics work but I wonder if he isn’t short-sighted. I mean that in the sense that currently there isn’t any lack of depositors and the banks do not rely on money markets. However, we are probably at peak savings right as people are restarting to spend. On top of that, with the level of debt Americans have taken on (mostly mortgages), if the rates rise ever so slightly, they will have to dig into their savings to make ends meet and it might trigger a new cycle. We also should not underestimate what could happen if inflation persists and "inflation mentality" sets in. People will put their cash to use as fast as possible and buy real assets, equities and even supplies. This would further reduce deposits.