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Blockworks

The laws of macro investing are being re-written, and investors who fail to adapt to the rapidly changing monetary environment will struggle to keep pace. Felix Jauvin interviews the brightest minds in finance about which asset classes they think will thrive in the financial future that they envision.

Follow Felix: https://twitter.com/fejau_inc
Follow Forward Guidance: https://twitter.com/ForwardGuidance 
Subscribe on YouTube: https://www.youtube.com/@ForwardGuidanceBW
Follow Blockworks: https://twitter.com/Blockworks_
Forward Guidance Newsletter: https://blockworks.co/newsletter/forwardguidance
Forward Guidance Telegram: https://t.me/+nSVVTQITWSdiYTIx

Forward Guidance

Global markets face a fragile moment where a geopolitical shock could collide with already restrictive monetary policy, creating a setup few investors are prepared for.

Felix and Quinn sit down with Joseph Wang live at DAS New York to unpack today's chaotic macro landscape, focusing on how energy markets and central bank constraints are increasingly intertwined.

We explore oil supply risks, the Fed’s policy trap, liquidity constraints, the ongoing banking regime shift, and how these forces could reshape risk assets and global growth. Enjoy!

TIMESTAMPS:

00:00 Intro

03:28 Middle East Drives Macro

06:21 Risk Assets Face A Lid

09:15 Will The Fed Look Through?

12:02 Why Liquidity Stays Tight

15:14 Dollar Up Gold Down

19:16 The Great Rebalancing

22:28 Ads (Blockworks IR, Arkham)

27:18 Where Liquidity Could Come From

31:04 Can They Steer It Back?

35:20 What Signals Actually Matter

FOLLOW THE SHOW

› Joseph - https://x.com/josephwang

› Quinn – https://x.com/qthomp

› Felix – https://x.com/fejau_inc

› Forward Guidance – https://x.com/ForwardGuidance

› Blockworks – https://x.com/Blockworks

› Telegram – https://t.me/+CAoZQpC-i6BjYTEx

SPONSORS

› ARKHAM

Arkham is a crypto exchange and blockchain analytics platform that allows traders and investors to look inside the wallets of the best traders, largest funds, and most influential players in crypto — and act on that information.

Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks

Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding.

DISCLAIMER

Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

The Fed Is Trapped As Oil Drives Inflation Higher | Weekly Roundup

AI is forcing a rethinking of everything from energy and geopolitics to markets and human purpose while raising a deeper question: are we entering an era of abundance or losing control of the systems we’re building?

Raoul Pal joins us live from DAS to break down how the AI arms race, liquidity dynamics, and crypto infrastructure are converging into a single macro narrative shaping the next cycle.

We explore AI-driven abundance, crypto as agent infrastructure, oil and liquidity risks, tokenized data markets, and what human value looks like in an AI-dominated world. Enjoy!

TIMESTAMPS:

00:00 Intro

02:12 Oil Shock Meets Macro

05:22 AI Needs More Energy

07:19 The US China Race

08:53 Why Recessions Cannot Happen

12:03 Banks Will Provide Liquidity

15:24 AI Adoption Is Mispriced

18:41 Ads (Blockworks IR, Arkham)

20:15 Superintelligence Changes Everything

24:11 What Is Human Value

30:22 AI Agents Need Crypto

37:39 AI Meets Longevity

FOLLOW GUEST

› Raoul – https://x.com/RaoulGMI

FOLLOW THE SHOW

› Felix – https://x.com/fejau_inc 

› Forward Guidance – https://x.com/ForwardGuidance 

› Telegram – https://t.me/+CAoZQpC-i6BjYTEx

› Blockworks – https://x.com/Blockworks 

SPONSORS

› ARKHAM

Arkham is a crypto exchange and blockchain analytics platform that lets traders see inside the wallets of top traders, funds, and influential players in crypto — and act on that information.

Sign up: https://auth.arkm.com/register?ref=blockworks 

Eligibility varies by jurisdiction. Users residing in certain jurisdictions may be excluded from onboarding.

DISCLAIMER

Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

AI Will Drive The Biggest Boom In History | Raoul Pal

In this special episode, we introduce Blockworks’ new investor relations platform for onchain businesses.

As institutional capital continues to enter crypto markets, expectations around transparency, standardization, and professionalism are rising. But instead of replicating legacy systems, Blockworks IR takes a different approach, leveraging real-time, onchain data to create a more transparent, data-driven, and low-friction investor relations model.

The platform combines curated analytics, branded investor portals, and white-glove advisory support into a single solution, helping teams tell a clearer, more credible story while giving investors a more efficient way to evaluate opportunities.

Launched at the Digital Asset Summit in New York, Blockworks IR aims to fill a critical gap in the industry. Listen to learn more about the vision behind the product and what it means for the future of investor relations in crypto.

Investor Relations in the Onchain Era

We explore a market caught between fragile stability and mounting geopolitical pressure, where central banks, energy shocks, and liquidity constraints collide in unpredictable ways.

Quinn and Felix break down the latest Fed meeting, shifting rate expectations, and how global energy disruptions in the Middle East are reshaping macro positioning and investor sentiment.

We cover energy shocks, policy paralysis, equity vulnerability, geographic imbalances, and why markets may be underestimating second-order effects across currencies, commodities, and risk assets. Enjoy!

TIMESTAMPS:

00:00 Intro

04:12 Fed Meeting & Market Reaction

10:45 Foreign Central Bank Dilemma

14:40 Potential Export Ban & Downplaying Risks

18:55 Most Vulnerable Economies

22:08 Agriculture Complex & Financial Warfare

26:58 Ads (Arkham)

27:46 Russia Winning While the World Burns

29:58 Growth-Inflation Dilemma & Fragile Positioning

39:42 Transferring Vol, U.S Trade Balance 

42:50 Risks to the U.S. & Global Domino Effect

48:07 Final Thoughts

FOLLOW THE SHOW

› Quinn – https://x.com/qthomp

› Felix – https://x.com/fejau_inc

› Forward Guidance – https://x.com/ForwardGuidance

› Blockworks – https://x.com/Blockworks

› Telegram – https://t.me/+CAoZQpC-i6BjYTEx

EVENTS

› Join us at Digital Asset Summit 2026 in NYC (March 24–26)

› Use code FORWARD200 for $200off

https://blockworks.co/event/digital-asset-summit-nyc-2026

RESOURCES

› Weekly Roundup Charts – https://drive.google.com/file/d/1ARpAEgw6gVndjjSP2m882nsfMOkT4o68/view?usp=sharing

SPONSORS

› ARKHAM

Arkham isa crypto exchange and blockchain analytics platform. that allows traders and investors to look inside the wallets of the best traders, largest funds, and. most influential players in crypto — and act on that information.

Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks

Eligibility. varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding.

DISCLAIMER

Nothing. said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Escalating Energy Shock Exposing Central Bank Limits | Weekly Roundup

In this episode, we explore how a sudden oil shock and geopolitical conflict can quickly rewrite the global macro outlook, forcing markets and policymakers into a difficult balancing act between inflation and growth.

We sit down with Bob Elliott of Unlimited Funds to unpack how the Iran-driven oil shock fits into today’s fragile, savings-driven economy. 

We discuss oil shocks past and present, policy sequencing, bond market reactions, global currency impacts, and why markets may be underestimating the second-order effects of rising energy prices. Enjoy!

TIMESTAMPS:

00:00 Intro

02:30 Oil Shock Challenges & Today vs 2022

10:13 Contrasting the 2008 & 1970s Oil Shocks

15:15 The Energy Shock Impact on Households

19:16 How Will Central Banks & Bonds React?

29:50 Ads (Arkham)

30:38 Oil Shock Sequence of Events

32:28 Iran War's Asymmetric Regional Impact

39:00 What Happens to Gold? 

42:02 Understanding a Wartime Economy

46:36 Final Thoughts

FOLLOW GUEST

› X/Twitter – https://x.com/BobEUnlimited

FOLLOW THE SHOW

› Felix – https://x.com/fejau_inc 

› Forward Guidance – https://x.com/ForwardGuidance 

› Telegram – https://t.me/+CAoZQpC-i6BjYTEx

› Blockworks – https://x.com/Blockworks 

EVENTS

› Join us at. Digital AssetSummit 2026 in NYC (March 24–26)

› Use code FORWARD200 for $200 off

https://blockworks.co/event/digital-asset-summit-nyc-2026 

SPONSORS

› ARKHAM

Arkham is a crypto exchange and blockchain analytics platform that lets traders see inside the wallets of top traders, funds, and influential players in crypto — and act on that information.

Sign up: https://auth.arkm.com/register?ref=blockworks 

Eligibility varies by jurisdiction. Users residing in certain jurisdictions may be excluded from onboarding.

DISCLAIMER

Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

The Macro Chain Reaction of Oil Shocks | Bob Elliott

In this episode, we explore the fog of war in markets, where geopolitics and volatility scramble investors’ assumptions.

Quinn and Felix break down the macro landscape, analyzing war narratives, energy shocks, and shifting expectations for growth, jobs, and Fed policy.

We debate oil spikes, dollar strength, bonds, gold, options positioning, and hidden risks from agriculture to private credit. Enjoy!

TIMESTAMPS:

(00:00) Intro

(02:46) Iran War Update

(08:08) Jobs Data, Bonds and Economic Deterioration

(15:22) Asymmetric Iran Impact - US vs Europe/Asia

(21:30) Market Structure - Everyone Owns Puts

(26:35) Ads (Arkham)

(27:23) How Will Iran War Impact Rates and the Economy?

(36:21) SPR Drawdown and Trump’s Strategic Position

(47:19) People Ignoring Agriculture Complex

(51:45) Final Thoughts

FOLLOW THE SHOW

› Quinn – https://x.com/qthomp

› Felix – https://x.com/fejau_inc

› Forward Guidance – https://x.com/ForwardGuidance

› Blockworks – https://x.com/Blockworks

› Telegram – https://t.me/+CAoZQpC-i6BjYTEx

EVENTS

› Join us at Digital Asset Summit 2026 in NYC (March 24–26)

› Use code FORWARD200 for $200 off

https://blockworks.co/event/digital-asset-summit-nyc-2026

RESOURCES

› Weekly Roundup Charts – https://drive.google.com/file/d/14CFRydeUqk52UXPBW30wt-rcK5tuL-oK/view?usp=sharing

SPONSORS

› ARKHAM

Arkham is a crypto. exchange and blockchainanalytics platform that allows traders and investors to look. inside the wallets of the besttraders, largest funds, and most influential players in crypto — and act on that information.

Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks

Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding.

DISCLAIMER

Nothing said on Forward Guidance is a recommendation to. buy or sell securities or tokens. This podcast is for informational purposes only. Any views expressed are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

Why the Oil Shock Could Trigger a Global Recession | Weekly Roundup

Chief Macro Strategist at Clocktower Group, Eric Wallerstein, explores how shifting geopolitics, Trump-era monetary policy, and structural economic forces are reshaping global macro. We cover tariffs, the dollar, Iran-driven market shocks, Fed balance sheet strategy, and the future of bank regulation. Along the way, we also unpack AI productivity, repo market fragility, and why Latin America could be the next macro frontier. Enjoy!

__

Follow Eric: https://x.com/ericwallerstein

Follow Felix: https://x.com/fejau_inc

Follow Forward Guidance: https://x.com/ForwardGuidance 

Follow Blockworks: https://x.com/Blockworks_ 

Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx 

Join us at Digital Asset Summit 2026 in NYC March 24-26th! Use code FORWARD200 for $200 OFF!

https://blockworks.co/event/digital-asset-summit-nyc-2026

__

Coinbase crypto-backed loans, powered by Morpho, enable you to take out loans at competitive rates using crypto as collateral. Rates are typically 4% to 8%. Borrow up to $5M using BTC as collateral and up to $1M using ETH as collateral. Manage crypto-backed loans directly in the Coinbase app with ease. Learn more here: 

https://www.coinbase.com/onchain/borrow/get-started?utm_campaign=0126_defi-borrow_blockworks_FG&marketId=0x9103c3b4e834476c9a62ea009ba2c884ee42e94e6e314a26f04d312434191836&utm_source=FG 

Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information.

Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks

Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding.

—

Timestamps:

(00:00) Intro

(02:48) Eric's Wild Year At the Fed

(07:26) Tariffs And The Role of the Dollar

(14:15) Iran War Market Fallout

(19:46) The Energy Shock vs Growth & Rates

(24:55) Unpacking The "Donroe Doctrine"

(31:29) Ads (Coinbase, Arkham)

(33:12) Buying The Americas

(35:56) Fixing The Fed Balance Sheet

(40:29) Repairing Repo

(43:23) The Coming Warsh Era

(47:56) Productivity Growth vs The Fed

(54:00) The Fed's Duration Plan & The Treasury-Fed Accord

(58:06) Final Thoughts

__

Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

#macro #investing #markets #stocks #stockmarket

The Global Economy Is Splitting Into Spheres | Eric Wallerstein

This week, we explore how the Iran escalation is stress-testing a fragile, late-cycle financial system already stretched by years of easy liquidity. We examine oil volatility, energy chokepoints, bonds failing as safe havens, and the growing risk that geopolitics could trigger a broader liquidity event. We also discuss AI CapEx, private credit stress, political tensions, and the shifting structure of global markets. Enjoy! 

—

Follow Tyler: https://x.com/Tyler_Neville_ 

Follow Quinn: https://x.com/qthomp 

Follow Felix: https://x.com/fejau_inc

Follow Forward Guidance: https://x.com/ForwardGuidance 

Follow Blockworks: https://x.com/Blockworks_

Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx

Join us at Digital Asset Summit 2026 in NYC March 24-26th! Use code FORWARD200 for $200 OFF!

https://blockworks.co/event/digital-asset-summit-nyc-2026

__

Weekly Roundup Charts: https://drive.google.com/file/d/1lfBw2XOxnBjJSXeAmO8dmxrDicZuOQry/view?usp=sharing 

—

Coinbase crypto-backed loans, powered by Morpho, enable you to take out loans at competitive rates using crypto as collateral. Rates are typically 4% to 8%. Borrow up to $5M using BTC as collateral and up to $1M using ETH as collateral. Manage crypto-backed loans directly in the Coinbase app with ease. Learn more here: 

https://www.coinbase.com/onchain/borrow/get-started?utm_campaign=0126_defi-borrow_blockworks_FG&marketId=0x9103c3b4e834476c9a62ea009ba2c884ee42e94e6e314a26f04d312434191836&utm_source=FG 

Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information.

Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks

Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding.

—

Timestamps

(00:00) Intro

(06:49) Monitoring The Iran Situation

(13:05) Market Risks Building

(22:30) Market Headwinds, K-Shaped Economy, No Safe Havens

(28:33) Ad Break (Coinbase, Arkham)

(30:14) Fed Cuts And Late-Cycle Behavior

(33:04) AI CapEx, LNG Risks, Hegemony Blow-Off Top

(40:33) Bonds Are Dying

(45:43) The Beginning of the End?

(52:14) Midterms And Bipartisan Failures

(57:52) Final Thoughts

—

Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

#macro #investing #markets #stocks #stockmarket

Is The Iran Energy Shock About To Break Markets? | Weekly Roundup

In this first episode of Inflection Point, we explore the accelerating convergence between traditional finance and crypto as institutional adoption begins reshaping the foundations of global financial infrastructure. The conversation examines ETFs, DeFi innovation, market structure shifts, institutional flows, and how evolving investor behavior is changing Bitcoin and digital asset markets. Along the way, we discuss regulation, credit markets, technology limitations, and the broader implications of finance moving onchain. Enjoy!

—

Inflection Point:

Apple 🎙️: https://bit.ly/3QKdX5a 

Spotify 🎙️: https://bit.ly/3YhGJy3

YouTube 🎥: https://link.blockworks.co/46Cee2q 

—

Follow Matt: ⁠⁠https://x.com/Matt_Hougan⁠⁠

Follow David: ⁠⁠https://x.com/dlawant⁠⁠

Follow Michael: ⁠⁠https://x.com/marcryptonio⁠⁠

Follow Marc: ⁠⁠https://x.com/marcarjoon⁠⁠

Follow Inflection Point: ⁠⁠https://x.com/BWInflection⁠⁠ 

Follow Blockworks: ⁠⁠https://x.com/Blockworks_⁠⁠ 

—

Join us at Digital Asset Summit 2026 in NYC March 24-26th! Use code INFLECTION200 for $200 OFF!

⁠⁠https://blockworks.co/event/digital-asset-summit-nyc-2026⁠⁠

—

Timestamps

(00:00) Intro To Inflection Point

(06:48) The Convergence Between TradFi & Crypto

(22:20) Crypto's Biggest Advantages & Hurdles

(36:15) Crypto's Changing Market Structure

(41:00) Prices, Sentiment & Long-Term Allocators

(46:00) Evolution Of Crypto Options & Yield

(51:30) Is The 4-Year Cycle Dead?

(01:02:00) Final Thoughts

—

Disclaimer: Nothing said on Inflection Point is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

#Crypto #DeFi #Bitcoin #Blockchain #DigitalAssets #CryptoPodcast

Introducing: Inflection Point | The Crypto-TradFi Convergence

CEO of LB Macro Luigi Buttiglione explores whether the AI-driven productivity boom marks a durable shift in the global economy or the start of new financial imbalances. We discuss U.S. exceptionalism, neutral rates and monetary policy risks, leverage in the AI buildout, public debt sustainability, and Europe’s structural challenges. We also touch on geopolitical supply shocks and what they could mean for inflation and rates. Enjoy!

__

Follow Luigi: https://x.com/LButtiglione_

LB Macro Portal: https://portal.lbmacro.finance/signup/

LB Macro App: https://lbmacro.finance/download/

LB Macro Substack: https://substack.com/@lbmacro

Follow Felix: https://x.com/fejau_inc

Follow Forward Guidance: https://x.com/ForwardGuidance 

Follow Blockworks: https://x.com/Blockworks_ 

Forward Guidance Telegram: https://t.me/+CAoZQpC-i6BjYTEx 

Join us at Digital Asset Summit 2026 in NYC March 24-26th! Use code FORWARD200 for $200 OFF!

https://blockworks.co/event/digital-asset-summit-nyc-2026

__

Coinbase crypto-backed loans, powered by Morpho, enable you to take out loans at competitive rates using crypto as collateral. Rates are typically 4% to 8%. Borrow up to $5M using BTC as collateral and up to $1M using ETH as collateral. Manage crypto-backed loans directly in the Coinbase app with ease. Learn more here: 

https://www.coinbase.com/onchain/borrow/get-started?utm_campaign=0126_defi-borrow_blockworks_FG&marketId=0x9103c3b4e834476c9a62ea009ba2c884ee42e94e6e314a26f04d312434191836&utm_source=FG 

Arkham is a crypto exchange and a blockchain analytics platform. Arkham allows crypto traders and investors to look inside the wallets of the best traders, largest funds and most influential players in crypto, and then act on that information.

Sign up to Arkham: https://auth.arkm.com/register?ref=blockworks

Eligibility varies by jurisdiction. Users residing in certain jurisdictions will be excluded from onboarding.

—

Timestamps

(00:00) Intro

(02:34) Luigi's Storied Background

(04:10) AI’s Productivity Disruption

(15:50) Monetary Policy vs AI & Inflation

(18:21) Is the U.S. Still the Best Home for Capital?

(22:50) The Problems with the Europe Narrative

(31:42) Ads (Coinbase, Arkham)

(33:23) The Limits to Government Debt

(40:12) Private Debt, AI & Bank Regulation

(46:06) U.S.-Israel War with Iran

(51:04) Final Thoughts

__

Disclaimer: Nothing said on Forward Guidance is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are opinions, not financial advice. Hosts and guests may hold positions in the companies, funds, or projects discussed.

#macro #investing #markets #stocks #stockmarket

The AI Productivity Boom Is Here | Luigi Buttiglione

Daniel Neilson, professor of economics at Bard College at Simon’s Rock and author of “Soon Parted,” returns to Forward Guidance to share findings from his seminal paper, “On par: A Money View of stablecoins.” Co-authored with Iñaki Aldasoro and Perry Mehrling as a working paper for the Bank For International Settlements (BIS), this paper compares on-chain currency (stablecoins) to Eurodollars to explore how they deal with issues of liquidity and par settlement. Filmed on December 8, 2023.
Today’s interview is brought to you by Sustainable Bitcoin Protocol, an environmental solution for bitcoin. Interested parties can find out more at https://bit.ly/46gFlgr
_
BIS Paper, “On par: A Money View of stablecoins”: https://www.bis.org/publ/work1146.pdf
Dan Neilson’s newsletter, Soon Parted: https://www.soonparted.co/
Dan Neilson’s book, “Minsky”: https://www.amazon.com/Minsky-Daniel-H-Neilson/dp/1509528504
Follow Dan Neilson on Twitter https://twitter.com/dhneilson
Follow Jack Farley on Twitter https://twitter.com/JackFarley96
Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance
Follow Blockworks on Twitter https://twitter.com/Blockworks_
__
Use code FG20 to get 20% off Blockworks’ Digital Asset Summit in March: https://blockworks.co/event/digital-asset-summit-2024-london
__
Timestamps:
(00:00) Introduction
(01:34) Why Stablecoins?
(04:46) The Issue Of Par
(09:43) The Great Financial Crisis Of 2008
(12:12) Did The Fed's Rate Surge Halt The Stablecoin Boom?
(22:06) Stablecoins, The New Eurodollars
(24:20) The Need For Smooth Forward Markets
(27:40) There's No Central Bank In Crypto
(34:22) Silicon Valley Bank and Circle
(49:43) Tether
(01:02:20) The Role Of Zero Interest Rates
(01:05:01) The Role Of Stablecoins: "Lots of Fireworks"

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Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

Stablecoins Are The New Eurodollars | Daniel Neilson on Death Spirals, Liquidity Runs, and The Fragility of Par

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