Just listened to the El-Erian video you posted. I don't know how people can ignore liquidity risk since - correct me if I am wrong - that is what almost brought us down during the 2007-08 debacle. That to me ties into what Willie had talked about with the derivatives mountain which was built over the last 20 or 25 years. What will cause a derivative failure and start a liquidity freeze? Sounds like the "Ice-9" situation Rickards has mentioned several times.
El-Erian also discussed credit. I think it was the video you posted the other day with Giambruno where he mentioned 40% of total money was created in response to the virus crisis in 2020. That to me was a shocker because I thought that number was around 30%. Bill Holter often mentions credit risk, though I feel his idea of credit risk is somewhat different than El-Erian's view of that phrase. Regardless of which definition we go with, when credit dries up it will trigger some a lot of business damage and I would imagine send some market segments lower (auto sales, home improvement projects, home sales themselves).
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