The serial liquidation has caused many financial institutions to become insolvent in an instant. Personal deposits cannot be taken out in financial institutions, or even returned to zero Many are forced to sell high-quality assets at low prices, pay down debt or pay living expenses Some financial institutions with sufficient reserves under normal circumstances, Could be on the verge of bankruptcy due to a sudden saver run

Eventually, when the leverage of the entire system falls to a relatively stable low level The biggest winners at this time are players who have a lot of cash on hand, a lot of stable cash flow, or a lot of stable funding sources. For example, a large insurance company with a stable style always has a steady stream of premiums Or the central bank can print money directly to support the market Their funds enter the market to buy high-quality risk assets cheaply, The system leverage slowly stops plummeting and stabilizes until the next cycle starts again.

The serial liquidation has caused many financial institutions to become insolvent in an instant. Personal deposits cannot be taken out in financial institutions, or even returned to zero Many are forced to sell high-quality assets at low prices, pay down debt or pay living expenses Some financial institutions with sufficient reserves under normal circumstances, Could be on the verge of bankruptcy due to a sudden saver run

Eventually, when the leverage of the entire system falls to a relatively stable low level The biggest winners at this time are players who have a lot of cash on hand, a lot of stable cash flow, or a lot of stable funding sources. For example, a large insurance company with a stable style always has a steady stream of premiums Or the central bank can print money directly to support the market Their funds enter the market to buy high-quality risk assets cheaply, The system leverage slowly stops plummeting and stabilizes until the next cycle starts again.