Have you ever tried to execute a major financial move, only to find the system suddenly seized up? We are told the post-2008 financial system is safer than ever. But our obsession with crash-proofing banks has accidentally choked off the lifeblood of the global economy: market liquidity. In today’s briefing, Ryan and Emily unpack Darrell Duffie’s “Fragmenting Markets” to reveal why big banks stopped acting as financial shock absorbers and how this invisible friction is quietly eating your margins. You’ll learn why the US Treasury market froze in March 2020 and what “market fragmentation” means for your capital.

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