All major central banks with large bond holdings from 2015-2020 are insolvent, but we are yet to see any major recapitalization of any of the large central banks. Will they come asking for capital with the worst possible timing?
![Out of the Box #21: Central banks are insolvent. How do we deal with it?](https://stenoresearch.com/wp-content/uploads/2023/04/Outside_The_Box-1080x675.png)
All major central banks with large bond holdings from 2015-2020 are insolvent, but we are yet to see any major recapitalization of any of the large central banks. Will they come asking for capital with the worst possible timing?