Well patio11 just came out with a whole article of BAM about leverage: https://bam.kalzumeus.com/archive/demystifying-financial-leverage/ https://bam.kalzumeus.

Well patio11 just came out with a whole article of BAM about leverage: https://bam.kalzumeus.com/archive/demystifying-financial-leverage/ https://bam.kalzumeus.com/archive/demystifying-financial-lev... The point of this article was to make the consequences of the following statement clear: And now you know enough to understand what I'm saying with an otherwise opaque statement like "Tether is 35:1 levered on risky assets during market contagion." Yes, if everything goes Tether's way, they can weather anything, forever. But eventually it won't, and they won't.