The challenge is that it is a net zero in terms of the ability to grow things since the banking funding markets are all driven by collateral.

Can you further explain this? Do you mean that market is not growing because equal amount of liquidity is being blocked as collateral?

Since it is anonymous, we have no idea who was there or where they are from.

What is the point of having anonimous actors in such big markets? It sounds like a mafia to me more than anything else.

Much of what we are seeing is a symptom of a global dollar shortage.

There is something hard to understand for me. How can we have a global dollar shortage with the insane increase of supply that we have seen these last years? I sounds counterintuitive to me

Good blog as always!