In 1929 the counter-party risk was through the roof. There was only “honor” that your counter party would live up to their commitments.
In 1987, most of that counter-party risk had been removed. But it still took days for people to know at what price they bot or sold.
In 2008, the government assumed the counter-party risk.
The next “crash” IMHO, will happen in slow motion.
Next crash will happen in slow motion.
I would say that is what is happening today. They are calling it tappering.