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To: Rarebird who wrote (25873)5/24/2025 9:14:32 PM
From: Real Man  Respond to of 26251
 
There is enormous leverage in forex and interest rates derivatives. Any black swan there will destabilize the system. I think the Fed liquified the system since the GFC, but that market is a quadrillion (1000 Trillion $)

The bottom line is- as money supply skyrocketed since the GFC, notional amounts stayed stable, so the system derisked. USD is still by far the key currency for all swaps.