67.3 There are 6 (to 20?!) Liens on each US Treasury ———Part 3 Summary———US Treasury Securities are the financial system’s best collateral. But quantitative easing pulls Treasuries out of the system! In response market participants are ‘forced’ to repledge the SAME security more and more and more and more and more and more (and more and more and more and … Continue reading Eurodollar University’s Making Sense; Episode 67; Part 3: The QEnundrum Expanded