Arthur has a way of saying things, but he doesn't miss a beat. His macro insights are astute, witty, cutting and Relevant to the crypto markets.
On corporate bond yields:
"Left to its own devices, the market began demanding high levels of interest for corporate borrowers in the face of a pandemic of unknown severity, the red color % change. The Fed said “naah naah nah nah,” the market has the wrong level– so let’s nationalise it by offering an unlimited backstop of printed money. The “market”, if you can call it that any longer, exhibited right thought, which caused spreads to fall and maintain easy borrowing conditions for sufficiently large corporations. Unfortunately for small businesses, they can’t access institutional credit markets, so they got fucked"