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![RoatMichael Avatar](https://lunarcrush.com/gi/w:24/cr:twitter::1265124253562699777.png) Michael Roat [@RoatMichael](/creator/twitter/RoatMichael) on x XXX followers
Created: 2025-07-18 20:14:47 UTC

and appreciation in the asset currency against the funding currency ) in a reflexive reinforcing feedback loop.  If you understand this, you understand the very very significant problem facing the global financial system. I would say the largest issue since US housing markets


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