When James Aitken calls and says we need to record another episode of The End Game based on the events of recent weeks, Fleck and I dropped everything and got him on the phone immediately. In this superb conversation, James lays out how and why the turmoil in the UK happened and explains the implications — which extend into the depths of financial market plumbing, an area James knows better than just about anybody. LDIs, Linkers, the box into which the Fed has painted itself and the dreadful predicament facing the BoJ all come under the microscope as James picks apart the plumbing as only he can. Buckle up, folks. Things are about to get really interesting...

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