Macro Liquidity & Systemic Risk (Yen Carry, Dollar Hegemony)

Yen carry trade unwind, Treasury Secretary Bessent's currency tactics, FIMA facility as pawnshop. Real yield normalization, eurozone tightening. Institutional investors trimming AI exposure in Q2 reinforces overinvestment concerns. Ties to private credit and AI overinvestment via 'Three Bubbles' framework.