It's not how I'd characterize it.
The parts I agree with are that 1) there is a $2 trillion T-bill shortage relative to long-duration bonds (and that's why reverse repos are being used so much) and t...
another way to think about this is that there is a "debt to collateral mismatch"
"too much debt and the value of things backing the debt is now worth less."
People with dollar denominated debt need to use dollar denominated assets much of which is treasuries now worth less than they were a year ago.
@nostrich
"too much debt and the value of things backing the debt is now worth less."
People with dollar denominated debt need to use dollar denominated assets much of which is treasuries now worth less than they were a year ago.
@nostrich
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