The Botox Economy

Satyajit Das, a long-time author in Wilmott magazine found this brilliant metaphor in his article in the May-10 issue. 

It is about the flood of money from central banks and governments that has temporarily covered up unresolved and deep-seated problems - financial botox. The surface is glossy and smooth, but the interior ... ? (Botox, commonly used in cosmetic procedures).
For me it is a title-of-the-year candidate. 
At least here in Europe, financial institutions have often used part of the flood and invested in "secure" deals - state bonds, fueling additional state deficit spending that finally led to a redemption "hysteria". 

I do not want to comment on that because so many experts have ... 
But what is interesting to me from the risk modeling point of view: are people aware that credit risk has not only a default, but also an early redemption component? A deeper look into the fiat money system suggests that this has a potential for a systemic risk ... the botox economy risk?

p.s. now on Das's Blog  Botox Economics - 1 and  Botox Economics - 2