Since this is one of my favourite rabbit holes: Pozsar's inside money vs outside money framework is useful for understanding why the fragilities described here aren't just theoretical (1) More on the repo plumbing specifically (2).
(1) https://philippdubach.com/posts/pozsars-bretton-woods-iii-th...
(2) https://philippdubach.com/posts/repo-might-be-even-bigger-th...
>Freezing Russian reserves in 2022 introduced confiscation risk to assets previously considered risk-free
Is this actually new? Didn't we freeze Iranian assets back in 1979? Wouldn't be surprised if there were other examples.
More seriously, if you want to learn money and its infrastructure, I recommend Banque de France's book on the matter "Payments and market infrastructures in the digital era" https://www.banque-france.fr/system/files/2023-04/payments_m...