[naveen99]

Peripheral banks are allowed an insane amount of leverage. all the peripheral banks basically blow out their accounts periodically, including most recently in 2020. central banks don’t really use anywhere as much leverage, because an account blowout for them looks like hyperinflation. And if they are in good terms with the us, the us central bank helps them out. we just had a forced deleveraging , which cost a one time 10-20% inflation.