Last year now-former FOMC Chair Janet Yellen downplayed the possibility of another financial crisis. In her hubris she believes the central banks have walled off the financial system from ‘contagion risks’ brought on by over-investment in synthetic derivative market products.
Like generals, however, central planners are always fighting the last war.
https://tomluongo.me/2018/02/06/the-death-of-the-death-of-contagion-central-bank-meme/
