You set up a Japanese shell company, get a bank account. Then you transfer renminbi to your company’s bank in Tokyo, settled in Yen. At that point, the money basically vanishes.
"We’re closing the underweight we’ve held on global equities since early July. At that time, we thought weaker growth would pressure valuations. Instead, despite a continued slowdown, the MSCI ACWI Global Equity Index has gained about 3%."
While it is still unclear, it is very possible that a bank or financial institution did not have sufficient high quality collateral and was frozen out of private repo markets...
"... the possibility for a stablecoin payment network to quickly achieve global scale introduces important challenges and risks related to financial stability... "
With the S&P closing above 3,100 and the Dow sprinting higher in the last seconds of Friday trading to close above 28,000 for the first time ever, one can argue that the long awaited melt-up has finally arrived. What happens next?
"Been trading 30 yrs and I've seen a lot of hate. Tech stocks during the dot-com implosion. Home-builders during the housing crisis. Bank stocks into teeth of the GFC. IDK if #cannabis is there yet; but it's close."
