my prediction is coming true: cash is coming out of fractional reserve banks and going into money market funds, which is to say there is a spontaneous maturity *rematching* occurring as people start to seriously wonder what their money even is.

there is no good answer, but the least bad answers involve rolling short-term credit such that if you *have to* hold an unsecured liability, it may as well be liquid and it may as well be “backed” by a solvent entperise, if not the literal money printer.

(all of which is totally fine for pricing long term capital allocation, btw, TOTALLY FINE)