In other words, those residual claims on crypto issuers that have been trading at pennies on the dollar may have no value whatsoever.
Credit costs are rising and lending volumes are falling…
Whether we are talking about corporate credit exposures or housing, the short trade may be the place to be over the next year.
The US banking industry has been rendered insolvent by the Federal Open Market Committee
Despite all the hyperbole, the great crypto fraud was a small game, like the party poker that many crypto enthusiasts share in common
Crypto has gone from a sort-of juiced up equity strategy to a distressed credit story in just hours.
Every residential mortgage loan made in 2020-2021 is likely to be underwater by the end of 2023
The cult of ever falling interest rates goes back 50 years and spans the terms of Fed chairs back to Alan Greenspan and Paul Volcker…
Little attention is being paid to the collateral damage being done by the FOMC to the debt capital markets
Until the FOMC raises interest rates to more “normal” levels, we don’t expect actual volatility to decline.