Brilliant take on credit as unfinished transactions. The underappreciated angle is that when CBs buy with printed money, they're not price-sensitive, which means retail stackers absorb all downside risk while institutions accumualte without constraint. I've seen this dynamic play out in copper markets recently and its fundametally different than normal accumulation patterns. The asymmetry is wild.
Brilliant take on credit as unfinished transactions. The underappreciated angle is that when CBs buy with printed money, they're not price-sensitive, which means retail stackers absorb all downside risk while institutions accumualte without constraint. I've seen this dynamic play out in copper markets recently and its fundametally different than normal accumulation patterns. The asymmetry is wild.
Thank you for your comment.
What was old is "new" again....
About time!