I wouldn't necessarily call this event a black swan anymore. In the past when a global settlement occurred there was no recovery mechanism for this state and thus a black swan scenario would last months. Since mid 2017 we've had BSIP 18 implemented which provides an automated global settlement recovery mechanism:
https://github.com/bitshares/bsips/blob/master/bsip-0018.md When a global settlement occurs you're unable to borrow new tokens (no issuance). You are however still able to trade it on the DEX, transfer it to anyone, settle your MPA for part of the BTS settlement pool, potentially even use it as backing collateral in an L2 MPA, so it's not completely useless in this state.
I would prefer this mechanism occurs than for force settlement to be disabled, heck I'd rather see MCR go to 101% before these centralized flags are triggered at 175%.
The proposed operation enables potential investors to "bid" additional collateral for taking over part of the debt (or all of it). When enough bids have been made to cover the full outstanding debt, and all of them are sufficiently collateralized (in terms of price feed and MCR), the settlement_fund and the bids are turned into call positions. Finally, the settlement_price is removed from the asset, which revives it.
If the available bids cover more than the outstanding debt, bids with a higher collateral/debt ratio are preferred over those with a lower ratio. The intent is to turn the competition among investors into better collateralized calls, which is in the interest of the MPA holders.
Perhaps we can incentivize investors to participate in the automated recovery mechanism somehow if you don't think it's sufficient in recovering bitCNY?