to not want to do their dealer activities. We've seen extreme examples of this that have nothing to do with interest rates, like September 2019. The interest rate on repo got extremely high, which should have enticed dealers to move into the marketplace. Instead, they said, ooh, something's really going on here. I'm going to pull my stuff out. That's the type of behavior that we see repeatedly in these financial crises. The money dealers who create currency and liquidity and elasticity, when they're confronted with these types of situations, again, the lesson of bear's turned, they add their own cash cushions. They de-risk, they hedge. If the money dealers are hedging and de-risking, it leaves everybody else exposed to problems in the system, which brings us back to what is it that dealers are so afraid of, that they're de-risking and leaving the entire monetary system exposed to these types of events. That's a number of things, including problems in their own books. It's economic (49/57)
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