I know, right? Like you, when I first heard about it there’s been little else on my mind. The structural implications alone were such that any rational person would devote as much time and energy to figuring out all the nuances. The stakes literally cannot be calculated, even today. Scarcely has there been a more serious issue.
I’m writing, of course, about “regulatory arbitrage in the presence of non-harmonised re-hypothecation regimes.” Only partly tongue-in-cheek, the satire applies solely to the fact that very few humans on this planet could make much sense of what seems otherwise a nonsensical jumble of misused words. Hardly the topic for any mainstream conversation.
It really needs to be.
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