One thing worth adding: the repo market underneath all of this is roughly $12.6 trillion in daily exposures, about $700B larger than previous estimates.
Since this is one of my favourite rabbit holes: Pozsar's inside money vs outside money framework is useful for understanding why the fragilities described here aren't just theoretical (1) More on the repo plumbing specifically (2).
I find Richard Werner's take on money one of the most grounded. He has done a lot of work to track how it moves in the pipes. He has done a lot of communication around the subject, that one can find easily. The same guy that is said to have invented QE.
Looks like it, yes. It's encouraging given that so many discussions of these topics online are wrong. The explanation of constraints on bank lending in particular is something many people should read.
Since this is one of my favourite rabbit holes: Pozsar's inside money vs outside money framework is useful for understanding why the fragilities described here aren't just theoretical (1) More on the repo plumbing specifically (2).
(1) https://philippdubach.com/posts/pozsars-bretton-woods-iii-th...
(2) https://philippdubach.com/posts/repo-might-be-even-bigger-th...
More seriously, if you want to learn money and its infrastructure, I recommend Banque de France's book on the matter "Payments and market infrastructures in the digital era" https://www.banque-france.fr/system/files/2023-04/payments_m...