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The Fragility of the US Treasury Market in the Post 2020 Era
The fragility really is probably in the treasury market. There's no way there's enough liquidity that can scale and proportion to that issuance. You don't really see it unless there's some kind of panic then you see it very clearly like you did in March 2020. The interest difference joke between Japan and outside of the US or the Eurozone ever wider. And so that's leading to a massive, massive implosion of the Japanese yen.