I have no idea where the next Truss/Kwarteng insanity will come from.All I know is that leverage is being repriced, globally.All I know is that this global repricing of leverage is a wrecking ball around the world, through both interest rates and currencies.All I know is that what we saw happen in the UK last week is the first shock, not the last, and all the massive pension funds and asset owners who have turned themselves into shadow hedge funds, full of swaps and leverage through the sweet whispers of Wall Street Wormtongue, will be our undoing.
