If Global Trade Breaks, It’s Worse Than 2008 | Ed Conway

Conway argues today's hyper-integrated global trade system makes a breakdown potentially worse than 2008, even as middlemen keep it resilient for now.

• Global yields puzzle: Ed Conway notes JGB yields hit highest since the 1990s and UK 30-year gilts remain elevated, driven by fiscal doubts, AI capex assumptions, and hedge funds replacing banks as marginal gilt buyers.
• Bank of England ends QT: The BoE will stop selling long-dated gilts into the market, instead transferring them to the Debt Management Office—a shift Conway compares to a US Treasury move weeks earlier, though its lasting yield impact is uncertain.

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