The world rocked by Euro$ collateral; Italy, Eurobonds, maybe the '22 equivalent of "toxic waste."

Tbill prices, SOFR, monster repo fails, all these have told us collateral system is hugely impaired. By what? Trouble in Italy. Risks in Eurobonds (which we won't get into here). On top of those are CLOs, which are different in character but not construction from the old toxic waste of subprime mortgages.