The Fed Is Stumbling In The Dark Again: Why Its Reverse Repo Plan Will Not Save The Market From A Brutal Collateral Squeeze

But why do I care about some archaic money-market malarkey? Simple, Without collateral to fund repo, there is no repo; without repo, there is no leveraged positioning in financial markets; without leverage and the constant hypothecation there is nothing to maintain the stock market's exuberance (as we are already seeing in JPY and bonds).
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