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the trigger for a crisis could be anything if the system as a whole is unstable. William White

Moreover, the size of the trigger event need not bear any relation to the systemic outcome.

The lesson is that policymakers should be focused less on identifying potential triggers than on identifying signs of potential instability.

Today’s high-yield bond market - I think the crisis will begin there. The problem will be massive illiquidity. 

John Mauldin 11 May 2018

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