Quantitative Tightening Is Dead Before It Gets Off the Ground

I think there are now so many different idiosyncratic problems that are arising at the same time that we can say that something systemic is actually going on. I would definitely point out problems in China that can arise perhaps not till after the reopening, so therefore into the second half of next year. We're just seeing the fast forwarding of that in the short term. But I think it does lead to capitulation from central banks first in the form of pushing back against the financial accelerators as we've seen in the UK and pension funds fiasco.