Who wants to sign this contract with me? You give me $1000 today, and then I'll give you back $990 in three years. There are $15 trillion dollars worth of contracts like this - Right, Now.
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AND...when those "low risk" bonds get re-rated to a lower classification, pension funds in the U.S. <b>MUST<b> liquidate the position according to new laws that were past since 2008. Nothing spells illiquidity like forced selling.
Don't worry, everybody knows and can only know vastly less than the actual complexity of the financial world. Only the pseudoscientists pretend otherwise.
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Nothing like the calm of a master to soothe the soldiers soul.
End of conversation
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