Very interesting email from Colin Twiggs today
lots of talk about illiquidity in various core debt markets, Feds pumping the prime , the numbers getting huuuge really ‘Uge and to summarise i quoteAttempts by the Fed to wind back exposure to the markets have failed. They unleashed the beast but are no longer its master. We are now its slaves and must feed it whenever it cries out for "just a little bit more". There is no way to tame it without prolonged and severe hardship. No other exit strategy.