Putin’s Pin & America’s “Everything Bubble”

Authored by ‘V F’ via TheChicagoEconomist.com,

The Setting.

Last September the Fed was forced to acknowledge a new systemic problem surfacing in the overnight lending markets. These are the same markets that collapsed the system in 2008 but a slightly different issue. This time the system literally ran out of cash due to an enormous amount of leverage cheered on by US economic policy. And so began the latest financial bailout. It began with $75 billion in cash injections, and moved up to $100 billion at the end of 2019, then $500 billion and now unlimited. But the problem doesn’t seem to be going away, it seems to be getting worse.

With the repo market implosion accelerating in early 2020, the Covid-19 pandemic also began creeping into our lives.

By mid-January the virus had China spiraling into…

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