In short, BofA agrees with Zoltan Pozsar, who last week once again assessed the damage and said that the Fed will effectively have to backstop everyone and everything, in declaring a virtually total takeover of capital markets by the Fed, which is now in critical triage mode, designed to prevent further asset losses which from this point on, would have dire social and perhaps civilizations implications, potentially even the civil war that Time Magazine one mocked us for predicting back in 2010 when we said that the Fed has put the US on collision course with armed social conflict.
