Markets

It's 0.54% of what they need to borrow this quarter.

Central banks watched the price rise and wrote a bigger number.

The IMF published a warning no one followed.

Four of five clearing banks are already inside the new system.

The first time since 1996. Central banks made the switch quietly.

One weekend in 2022 rewrote the rules of custody.

Six fund houses stopped taking money the same month.

They kept adding while everyone else was selling.

38% gave the same answer in writing.

Each payment is borrowed, then charged interest itself.

Negative real rates drove a 2,300% move last time.

The government wrote every one of them to itself.