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'll read more of the articles but very first bullet point raised my eyebrows

>Freezing Russian reserves in 2022 introduced confiscation risk to assets previously considered risk-free

Is this actually new? Didn't we freeze Iranian assets back in 1979? Wouldn't be surprised if there were other examples.