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Fasten Your Seatbelts: High Frequency Trading Is Coming To The Treasury Market

Tyler Durden's picture


In what may be the gray swan that all hell is about to break loose, we read that one of the world's largest hedge funds, British Man Group with $58 billion in AUM, is about to launch High Frequency Trading - the same high volume churning, sub-pennying, liquidity extracting, stub quoting and quote stuffing parasitic algorithms that frequently crash the equity, and as of recently the FX and commodity markets, into that most sacred of markets: US Treasurys. The official spin: "The Man Systematic Fixed Income fund, yet to be launched, will try to identify and profit from dislocations in liquid government bond markets." What this really means is that the final frontier of market rationality is about to be invaded by artificial momentum generating algorithms, who couldn't care less about fundamentals, and whose propensity to crash and burn at the worst of times, may end up costing the Fed all those tens of trillions it has spent to keep the Treasury market calm, cool, collected, and largely devoid of any volatility and MOVEment. But all that is about to change: "The unit is run by Sandy Rattray, who co-developed the VIX. VIX volatility index, also known as the "fear index", widely used to measure investors' perception of risk." As a reminder, the VIX index is only relevant when there are surges in volatility, something which we are confident Mr. Rattray will no doubt bring to Treasury trading momentarily. 

From Reuters:

"Traditional fixed income investing (is) unattractive," Man's Systematic Strategies unit said in a note, citing "yields close to zero percent, increased credit risk in many government bonds, (and) little upside (and) big downside of being long bonds in (the) current environment.


"Market inefficiencies (are) likely to prevail in fixed income markets, creating investment opportunities."


A spokeswoman said on Thursday MSS was working on the fund and declined to give a launch date.


The fund will be the fourth portfolio run by Man's one-year old MSS unit, which manages $1.6 billion (996.5 million pounds) assets. 


Last month Man announced the launch of the Man
Commodities fund, also run by MSS, which uses algorithms to trade 25
commodity futures contracts and also allows human intervention.

And here we were thinking that the only reason HFT has any incentive to participate in a market is to extract liquidity rebates, which of course do not exist in the TSY market. Stepping away from the endless lies of the HFT lobby, the truth is that the permabullish bias imputed by algos in Treasury trading will simply mean that slowly but surely the same low volume meltup in stocks that we have all grown to love, especially between 3:00 pm and 3:30 pm will now appears in the 10 year. Luckily, with a minimum rate threshold on bonds at the 0% bound, it means algos can only melt bonds up so much. Unless of course, some 19 year old computer sciences Ph.D. programmer forgot to tell the vacuum tubes, about to be buying and selling the long bond from you 10,000 times per second, this particular fact.


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Thu, 04/19/2012 - 17:42 | Link to Comment navy62802
navy62802's picture

Is BATS going to be involved in this? Haha, imagine the possibilities.

Thu, 04/19/2012 - 17:57 | Link to Comment phungus_mungus
phungus_mungus's picture

I will be so glad when the whole thing derails and takes everything and everyone with it... or a giant astroid smacks the shit out of this rock, hitting the galactic reset-button. 

Perhaps next go around whatever species evolves will get it right. 

Thu, 04/19/2012 - 18:20 | Link to Comment Not Too Important
Not Too Important's picture

Anything surviving 40 years will glow in the dark.

Thu, 04/19/2012 - 18:21 | Link to Comment LowProfile
LowProfile's picture

This will continue as long as the Arabs and Chinese can buy physical gold.

Once that dries up, SAYONARA, SUCKAH!!!

Thu, 04/19/2012 - 18:31 | Link to Comment CClarity
CClarity's picture

I long for the days of the arbitrage trader - an actual human trader looking for these little moments.  But now with the algo nanosecond robots . . . 

The next bastion will be straight barter.  Move to where stuff you like is and figure out what you're going to produce or service in exchange.  

Thu, 04/19/2012 - 18:38 | Link to Comment navy62802
navy62802's picture

The next bastion will be straight barter.


It's already started in Greece. And guess what? The world didn't end like the big banks said it would.

Fri, 04/20/2012 - 00:19 | Link to Comment Clowns on Acid
Clowns on Acid's picture

Large problem with a cashless barter

Thu, 04/19/2012 - 19:04 | Link to Comment Max Fischer
Max Fischer's picture




I will be so glad when the whole thing derails and takes everything and everyone with it... or a giant astroid smacks the shit out of this rock, hitting the galactic reset-button......


Why are you so angry at the world that you'd wish for such devastation?  I can understand your frustration with politics or modern society, but wishing for the Earth to crack in half is bizarre.  Let me guess.... libertarian?

Max Fischer, Civis Mundi 


Thu, 04/19/2012 - 19:22 | Link to Comment navy62802
navy62802's picture

I don't personally wish for the end of the human race, only the current financial pyramid scheme. I hope for an orderly solution to our problems, but I think we're beyond the event horizon ... meaning that like escaping from a black hole, an orderly solution is now impossible. The only resolution I can discern is a devastating collapse of the system, a system-wide reset. Such an event is the only hope we have of breaking the stranglehold that multinational banks have on sovereign nations right now. Of course, there's the possibility that satan again rises from the ashes, but at least there would be the chance for a more sound system to emerge. As it stands now, there's no hope for that to occur.

Thu, 04/19/2012 - 19:36 | Link to Comment Vic Vinegar
Vic Vinegar's picture

I'm gonna green you b/c that's a comment rooted in intelligence and principle.

However -

The world does not work this way and it never will.  "Sovereign nations" are not looking to break the stranglehold of multinational banks; rather, people wanna have fun and watch Dancing With The Stars.  There's nothing wrong with that by the way.

Keep in mind that there has never been a time in human history in which things have been pristine and in which justice for all prevailed.  That maxim ain't about to change on your watch or mine, no matter how bad one wants it to happen.  

I say buy physical.  It's the best play you, me or anyone could make from here on out.  And enjoy life - things are getting better.  They really are.

Thu, 04/19/2012 - 23:03 | Link to Comment LowProfile
LowProfile's picture


people wanna have fun and watch Dancing With The Stars.  There's nothing wrong with that by the way.

The parallels to Rome abound.

...Guess what happened when the bread and circuses dried up?

Fri, 04/20/2012 - 06:14 | Link to Comment GlenD
GlenD's picture

Things are getting better.  They really are.

....Tell that to bee's, dieing from GM crop pollen genetically modified to kill em off.

Thu, 04/19/2012 - 19:37 | Link to Comment Vic Vinegar
Vic Vinegar's picture

You get a green, too, Max.  I like what you are doing and you make good points.  We'd all be better off if there were more discussions than pointless, angry rants here.

Thu, 04/19/2012 - 19:46 | Link to Comment Bay of Pigs
Bay of Pigs's picture

What good points?

All Max does here is incite all the angry rants you speak of.

Thu, 04/19/2012 - 19:55 | Link to Comment Vic Vinegar
Vic Vinegar's picture

Take a look at the comment Max ridiculed, which currently stands at 6 greens to zero.  Max did a fine job replying.

Sure some people need to come here and give us their asteriod fantasies, but it doesn't do anyone any good.  

You are a PM's guy, Bay - don't worry too much about the "price" of silver.  You are doing the right thing.  Have fun in the meantime, rather than waiting for the "collapse".  No matter what happens, you have something valuable to give to your family.

Thu, 04/19/2012 - 21:30 | Link to Comment Bay of Pigs
Bay of Pigs's picture

That's navy's comment to Max. Max did his usual "libertarian' bash just above it. Typical horseshit from him.

Vic, I don't worry about any of that stuff. I just spent two glorious months in Maui. Had a blast everyday.

Live well brother...

Thu, 04/19/2012 - 20:03 | Link to Comment Buck Johnson
Buck Johnson's picture

There's always a reason, and your right this is going to derail and big.

Fri, 04/20/2012 - 00:16 | Link to Comment Clowns on Acid
Clowns on Acid's picture

Negative cobwebbed thinking....rational people will stay alive and a new paradigm will arrive.

Thu, 04/19/2012 - 17:43 | Link to Comment Stoploss
Stoploss's picture

Well, well, well.. Here it finally is.

Our Huckleberry..

Thu, 04/19/2012 - 21:37 | Link to Comment max2205
max2205's picture

What could go wrong?

Thu, 04/19/2012 - 17:44 | Link to Comment Sutton
Sutton's picture

Ben's gonna have to redeploy his divisions. The dreaded Two Front War.  

Thu, 04/19/2012 - 18:24 | Link to Comment GenX Investor
GenX Investor's picture

Brought down the NAZI's

Thu, 04/19/2012 - 17:47 | Link to Comment vast-dom
vast-dom's picture

guess we need to go long 10y -- fuck me i am shorting the 10y! BUT since at 0% bound we may find the short position actually pays out, over medium term....who the fuck knows anything anymore....

Thu, 04/19/2012 - 18:09 | Link to Comment CrashisOptimistic
CrashisOptimistic's picture

I think a 10 year yield of -0.5% within 18 months is credible.

With or without HFT.  There is no growth.  Period.

Thu, 04/19/2012 - 17:46 | Link to Comment YesWeKahn
YesWeKahn's picture

Here comes the bernankOBOT.

Thu, 04/19/2012 - 17:48 | Link to Comment Cdad
Cdad's picture isn't bad enough that these HFT hedge fund pricks are causing folks pain at the gas, hit them with their credit card interest rates.

WTF is going on?  This hedge fund should be attacked relentlessly until it is simply gone from the planet.

Just sayin'...

Thu, 04/19/2012 - 19:15 | Link to Comment Caviar Emptor
Caviar Emptor's picture

I beleive that HFT bots and algos are already getting embedded into everyday transactions. 

Try booking an airline ticket: as soon as you click the ask price goes up. 

Coming soon to false advertising firms and bait-and-switch operations near you!

Thu, 04/19/2012 - 17:50 | Link to Comment XitSam
XitSam's picture

So you're saying we have choosen the form of the destructor?

Thu, 04/19/2012 - 17:56 | Link to Comment cossack55
cossack55's picture

That choice was made in 1913. 

Thu, 04/19/2012 - 18:58 | Link to Comment XitSam
XitSam's picture

I stand corrected.

Thu, 04/19/2012 - 17:50 | Link to Comment tu-ne-cede-malis
tu-ne-cede-malis's picture

Flash crash the government bonds? Woooo

Thu, 04/19/2012 - 18:10 | Link to Comment CPL
CPL's picture

Imagine all the bonds, insurance policies, swaps...blowing up like string of fire crackers...



Go go go go go go go go HFT!!!

Thu, 04/19/2012 - 18:39 | Link to Comment TwoJacks
TwoJacks's picture

...and mortgage resets.

imagine trying to lock in an interest rate with the bots playing around like they do.  mortgage lenders will scream

Thu, 04/19/2012 - 17:51 | Link to Comment Boilermaker
Boilermaker's picture


Thu, 04/19/2012 - 17:52 | Link to Comment Not Too Important
Not Too Important's picture

Cool. A 6V6 for my tweed amp. Now this site is starting to grow wings.

This is a guitar site, isn't it?

Thu, 04/19/2012 - 18:56 | Link to Comment Manthong
Manthong's picture

I hear JP Morgan has a huge short position on these.

Fri, 04/20/2012 - 05:21 | Link to Comment Mitzibitzi
Mitzibitzi's picture

I just did a repair job on a Tweed Deluxe, actually. Sounded suh-weet with the old RCA 6V6s it had in the power amp.

Funnily enough, the owner is an ex stockbroker. Reckons he got out of it because it had become a case of making money just for the sake of making money. Runs a small recording studio way out in the sticks these days and, if I remember right, raises a small herd of rare breed beef. Not a nice guy other ways, though. Always a bit superior and abrupt with 'peasants' like me. Always queries the bill, too, which I find offensive because I'm one of the cheapest decent amp techs for probably 100 miles.

Thu, 04/19/2012 - 17:55 | Link to Comment fonzannoon
fonzannoon's picture

What does it really matter, interest rates are not allowed to go up. It's that simple.

Thu, 04/19/2012 - 17:58 | Link to Comment q99x2
q99x2's picture

Maybe they are owned by the same owners of the FED.

Thu, 04/19/2012 - 18:01 | Link to Comment vote_libertaria...
vote_libertarian_party's picture

Maybe if they crash the Treasury market somebody will finally un-plug all of the HFT bots.

Thu, 04/19/2012 - 18:07 | Link to Comment Paul Atreides
Paul Atreides's picture

01000110 01110101 01100011 01101011 00100000 01111001 01101111 01110101 00100000 01000010 01100101 01110010 01101110 01100001 01101110 01101011 01100101 00100001

Thu, 04/19/2012 - 18:14 | Link to Comment Dr. Engali
Dr. Engali's picture

You missed 1

Thu, 04/19/2012 - 19:01 | Link to Comment XitSam
Thu, 04/19/2012 - 18:03 | Link to Comment resurger
resurger's picture

Churn, Stuff, and Burn...


Thu, 04/19/2012 - 18:06 | Link to Comment Dr. Engali
Dr. Engali's picture

Maybe they can churn treasuries up to a negative yield and the debt will start paying itself off.

Thu, 04/19/2012 - 18:05 | Link to Comment Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

Microsecond Mean Re-versions.

Thu, 04/19/2012 - 18:10 | Link to Comment Pete15
Pete15's picture

Well the only thing we can know for sure after this news is that Ben is getting really fucked up tonight. To thirsty Thursdays!!

Thu, 04/19/2012 - 18:10 | Link to Comment asteroids
asteroids's picture

Should these bozo's get a foothold expect enourmous volatility in the equity markets. Cool.

Thu, 04/19/2012 - 18:14 | Link to Comment solgundy
solgundy's picture

ya long will it take for Barry to declare Mr. Rattray a domestic terrorist, then take action under his Exec Order...??????????

Thu, 04/19/2012 - 18:18 | Link to Comment Not Too Important
Not Too Important's picture

Does this have anything to do with Japan admitting there are an additional 14 reactors in various states of destruction?

Thousands of tons of radioactive material in various stages of exposure to atmosphere. And that's only what they admit.

Bond pricing will soon reflect the levels of radioactivity in their respective countries. Let's see if QE can solve this!

Thu, 04/19/2012 - 18:18 | Link to Comment BackOffice Slut
BackOffice Slut's picture

So now I get my overtime back? Should i expect GSCX to close at 8-10 pm as was the case during 2008-2009 ?

Fri, 04/20/2012 - 00:14 | Link to Comment Clowns on Acid
Clowns on Acid's picture

Awesome moniker !

Thu, 04/19/2012 - 18:20 | Link to Comment NotApplicable
NotApplicable's picture


Thu, 04/19/2012 - 18:19 | Link to Comment sessinpo
sessinpo's picture

Government bond. Another way of saying taxpayer slavery.

Thu, 04/19/2012 - 18:22 | Link to Comment Bunga Bunga
Bunga Bunga's picture

Since natioal debt is growing exponentially, this move is very logical. Soon no human will be able to manage this anymore, we need growing number of HFT-farms to handle this.

Fri, 04/20/2012 - 00:12 | Link to Comment Clowns on Acid
Clowns on Acid's picture

Bunga - Exactly. With all the printing and CB buybacks....there should be no liquidity issues.

The Chinese will start copying (acquiring by grey market means?) the algos to fine tune them with 100 Phds from Western Universities on the job !

Thu, 04/19/2012 - 18:24 | Link to Comment bugs_
bugs_'s picture

The Man .......... Systematic Fixed Income fund

Well I guess this gives us a clue about who THE MAN is (or will be)

Thu, 04/19/2012 - 18:26 | Link to Comment lemonobrien
lemonobrien's picture

this is the government. they have a plan to keep interest rates low, and make it look like the auctions never fail.

Thu, 04/19/2012 - 19:21 | Link to Comment blu
blu's picture

When all human behavior is stripped from the markets, yes they will have what they want. A perfectly controlled machine for their propaganda engine.

One could well conclude this was the goal all along.

Thu, 04/19/2012 - 19:07 | Link to Comment kdrury12
kdrury12's picture

HFT has been in this market for years already. The notion that they are only now entering is completely off-base.  Guess who already does the most volume in this space??? you guessed it, HFT

Thu, 04/19/2012 - 19:09 | Link to Comment kdrury12
kdrury12's picture


Thu, 04/19/2012 - 19:19 | Link to Comment blu
blu's picture

If they screw things up badly enough they will have little choice but to start over from scratch.

On the basis of that alone -- I must approve.

Thu, 04/19/2012 - 19:20 | Link to Comment exartizo
exartizo's picture

...correct me if i'm wrong but the HFT algos don't play at the long dated JAN 2013 put options I bought on AAPL a few weeks ago... now up 87.32% over my buy price.

There is still money to be made out there. especially when Herd Like Idiots buy the hell out of a bloviated company that on paper is worth more than the entire US retail sector, with just two mid product life cycle products.


Thu, 04/19/2012 - 19:27 | Link to Comment Caviar Emptor
Caviar Emptor's picture

We don't know who struck first, us or them. But we do know it was us that scorched the sky. At the time, they were dependent on solar power. It was believed they would be unable to survive without an energy source as abundant as the sun.

Thu, 04/19/2012 - 19:50 | Link to Comment Caviar Emptor
Caviar Emptor's picture


Ok so you're in Walmart and you reach for a can of beans because of the "everday low price". Only as soon as the magnetic field around the can is penetrated by your reaching fingers, the price goes up 5%. They know they got you cause you figure you're already in the store, and you do need the beans, and heck you're not gonna get back in the car and drive to another store when you're so short on time already......

So you decide you might as well get two cans before the price goes higher. And then it does. 

Thu, 04/19/2012 - 19:46 | Link to Comment ZeroPoint
ZeroPoint's picture

Want to take bets this shit will get shut down?

Thu, 04/19/2012 - 19:51 | Link to Comment JW n FL
JW n FL's picture



would you rather have $5,000,000.00


$0.01 that doubles every day for a month?


this should help everyone understand sub penny roll over..


Day 1: $.01
Day 2: $.02
Day 3: $.04
Day 4: $.08
Day 5: $.16
Day 6: $.32
Day 7: $.64
Day 8: $1.28
Day 9: $2.56
Day 10: $5.12
Day 11: $10.24
Day 12: $20.48
Day 13: $40.96
Day 14: $81.92
Day 15: $163.84
Day 16: $327.68
Day 17: $655.36
Day 18: $1,310.72
Day 19: $2,621.44
Day 20: $5,242.88
Day 21: $10,485.76
Day 22: $20,971.52
Day 23: $41,943.04
Day 24: $83,886.08
Day 25: $167,772.16
Day 26: $335,544.32
Day 27: $671,088.64
Day 28: $1,342,177.28
Day 29: $2,684,354.56
Day 30: $5,368,709.12

all credit too this wonderful site that made sure I didnt have to do the work myself!

now imagine how many trades you have a second.. how many a day.. how many a week.. and thats it! POOF!

No one cares if any stock is good or bad.. the best stock is a stock you will move in and out over over and over and over again!

and the more traders moving.. the better!

the house always wins!

Thu, 04/19/2012 - 19:50 | Link to Comment SubjectivObject
SubjectivObject's picture

In this association, the venerable vacuum tube is being so maligned here.

Thu, 04/19/2012 - 20:23 | Link to Comment Sathington Willougby
Sathington Willougby's picture

Oh the drama.  Some fool fat fingers a futures contract and it's a machine takeover.  Spare me.

Thu, 04/19/2012 - 20:51 | Link to Comment MaxMax
MaxMax's picture

Zero bound is the limit?  No.  We have already gone negative on the short end.  Of course we can go negative longer out.  And what do you think the govenment will do?  Limit what you can withdraw.

Thu, 04/19/2012 - 21:00 | Link to Comment NOTfromSanFrancisco
NOTfromSanFrancisco's picture



The official spin: "The Man Systematic Fixed Income fund, yet to be launched, will try to 'manipulate the markets and then'  identify and profit from dislocations in liquid government bond markets."

There, fixed it...

Thu, 04/19/2012 - 21:32 | Link to Comment Downtoolong
Downtoolong's picture

They will always keep looking for the cows that haven’t been milked and the sheep that haven’t been sheered. Next thing you know they will be selling life insurance to Gerber babies. Too late.


will try to identify and profit from dislocations in liquid government bond markets."

And if we can't identify them we  will create them.

Thu, 04/19/2012 - 21:57 | Link to Comment icanhasbailout
icanhasbailout's picture

This is going to be fucking awesome


going way long popcorn futures

Thu, 04/19/2012 - 21:59 | Link to Comment Likstane
Likstane's picture

Bullshit.  I have a super-duty 5001 HP hard drive with a pentium 9000 chip.  I have added a super-charged voltage modifier for monster volume days with a nitrous pump if I need the extra juice.  I just guzzled (2) 20 oz Red Bulls and 5 dexadrine and soaked my fingers in bacon grease and sprayed WD-40 in my eye sockets.   Bring it on Bots!

Thu, 04/19/2012 - 22:05 | Link to Comment earleflorida
earleflorida's picture

Ref:  [Advanced Trading?]     [Indeed, the British are coming with some "Webbed Finger's"?]     [Logic/Probability/Randomness/Non-Linear/Functionality? ___ do you know who's sleeping with your algo?]

HFT's are a flash-crash away from happening simultaneously around the globe,... at a frequency unprecedented - in a future that hasn't even given birth to its fist generation algo-stein abomination.  Just ain't gonna make it past 2nd base. JMO  

Thu, 04/19/2012 - 22:45 | Link to Comment Westcoastliberal
Westcoastliberal's picture

Talk about going down the tubes...

Thu, 04/19/2012 - 23:20 | Link to Comment AldoHux_IV
AldoHux_IV's picture

Let's be honest here, the only reason why HFT/Algos are allowed to corrupt and destroy the market is because central planners have control by just merely saying something on the wire or repeating the same bullshit lines from a previous speech.

This is how freedom of most things we knew in life: choice (financial and otherwise) is eliminated systematically.

Where are our hacker friends now?

Thu, 04/19/2012 - 23:51 | Link to Comment bmoc2311
bmoc2311's picture

FYI, people have been running algos on the TSY and even the cash bond market for about a decade now.  I personally spent 3 years click trading and running low latency algos in the TSY market.  You can't actually run a true high frequency or low latency system in the cash bonds because of the way the matching engines of the two primary electronic exchanges for cash bonds (Brokertec & Espeed) work.  You CAN arb gaps in the slower and more illiquid cash bond markets against the must faster TSY futures markets though.  All in all this post gets a big one of these from me.  

Fri, 04/20/2012 - 00:05 | Link to Comment Clowns on Acid
Clowns on Acid's picture

kudos bmoc - I was not finished typing before you posted.

Fri, 04/20/2012 - 00:03 | Link to Comment Clowns on Acid
Clowns on Acid's picture

Tyler - Well...this is interesting...but the article asks more questions than it answers. The current (electronic) ECN structure in FI market has a whole set of different execution rules than the Equity, FX, or futures market. I am assuming that the article is speaking of cash Treasuries.

Most of the ECNs have execution rules like "work ups" (that can "freeze" the prices for 1 -3 seconds) etc.,, that would somewhat prevent true HFT (similar to single millisecond execution latency that presently exists in EQs and FX ECNS) to be facilitated. The UST markets are still really quoted and traded large by the big banks. They ...perhaps up to now...have dictated ECN trading rules / logic, with perhaps their best interests in mind....ahem.

So when you quote the Man as saying " will try to identify and profit from dislocations in liquid government bond markets."....what would be that venue and trading process be? There are also possible "Clearing" issues that would come to the fore.

Details are needed my "Man"...details....before one can "illicit" an opinion.


Fri, 04/20/2012 - 04:54 | Link to Comment bond trader
bond trader's picture

Totally agree. In the cash market the primary dealers developed the electronic trading along the line of their OTC model. Will be very hard to execute HFT type trades. Doing HFT trading in treasury futures and how it will impact the cash market I don't know.

Fri, 04/20/2012 - 10:09 | Link to Comment earleflorida
earleflorida's picture

hft's - as the momentum of the body [.....] is the product [-----] of its mass [.-.-.] by its's velocity [?_?_?].

Gsell (2008) / Algorithmic Trading Engines vs. Human Traders __ great thesis,... jmo

Fri, 04/20/2012 - 00:07 | Link to Comment Dusty
Dusty's picture

Bring it on. Maybe the true cost of debt (interest rates) will be discovered and likewise the true value of gold.

Fri, 04/20/2012 - 04:55 | Link to Comment I should be working
I should be working's picture

Fed front running: now done in milliseconds.

Fri, 04/20/2012 - 10:06 | Link to Comment earleflorida
earleflorida's picture

the fed's 'gravity', can slow-down, or even "stop[watch?]" time!

were all fucked til the frb goes bust, period!

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