Instabiity from over-aggregation

Jim Bianco 

"Not only do the five largest financial institutions in the US have a higher concentration of assets than they did before the financial crisis but it’s the largest concentration ever. So we’ve made the too-big-to-fail-problem worse because we have bigger, more systemically important financial institutions now than we did in 2007 – and nobody seems to know what to do about it... [EU banks] are acting irrationally. They’re not acting that way because they don’t believe it or they don’t understand it. So we’re still all trying to feel around in the dark as to what this means. And that means that the chance of an accident is very high."

HT Zero Hedge

We have one issuer of massive government debt, Treasury.  As that single entity dominants, in the market, a minimization of costs require the debt market to equally aggregate.   The Swamp itself is the fountain of monopoly.