I like the caveats regarding the business cycles and the certainty that a downturn is waiting around the corner, thus getting the US banks to be quite exposed. One needs to watch that space since it is coming ...
On a tangent, EU has now unveiled the mechanism to salvage the nuclear deal with Iran (as mentioned in the article) via INSTEX, as posted by Keith 11 odd threads up. Although it is only for the 'humanitarian' goods to start with ...