The Sovereign Chain Gang

[Pallas_Boreas]

The financial system is usually called a network. Flattering. A network has spare routes and fails politely. What we actually run is a chain gang: banks, pension funds, insurers, money market funds, hedge funds and central banks, shackled at the ankle to the same object, shuffling in step because nobody has the key. The object is government debt.

Link: https://www.zerohedge.com/news/2026-09-05/sovereign-chain-gang