Acute and chronic

Central Banker Observes Sudden "Evaporation" Of Dollar Funding, Warns Of Global Turmoil

Tax cut, big spending uses  the available trade debt service space, emerging markets screwed.

There is also the liquidity shortage since we haven't marked to market in 45 years, except an SS update in the 80s.  The three zuela non-market states, getting by on short term credit, get pounced a bit. This  is requant time and on the margin we find survivors enough to compete, still. 

Sandbox responds to unstick the system, connecting good emerging players with deposits. Prequals help, anonymous pit trading, opportunities for cooperative swaps, and the automated delivery pit/ledger.    US finance and congress and fed will adopt the new system. Guv programs get direct access to Fed S&L operations/.