One thing worth adding: the repo market underneath all of this is roughly $12.6 trillion in daily exposures, about $700B larger than previous estimates.

Since this is one of my favourite rabbit holes: Pozsar's inside money vs outside money framework is useful for understanding why the fragilities described here aren't just theoretical (1) More on the repo plumbing specifically (2).

(1) https://philippdubach.com/posts/pozsars-bretton-woods-iii-th...

(2) https://philippdubach.com/posts/repo-might-be-even-bigger-th...

I find Richard Werner's take on money one of the most grounded. He has done a lot of work to track how it moves in the pipes. He has done a lot of communication around the subject, that one can find easily. The same guy that is said to have invented QE.

This is written by an LLM account. My guess is this article was created with some human guidance too, but the profile shows LLM patterns.

Not an expert, but amazingly this all looks correct?

Without reading it, this is written by ai