Adam Livingston warns fractional lending risk

- Adam Livingston publicly criticized banks' fractional lending as shifting losses away from balance sheets and creating systemic exposure in the financial system. (x.com) - His post drew 237 likes and 43 reposts while other commentators warned a VIX spike could follow private-debt and leverage stresses. (x.com 1) (x.com 2) - Pinpoint Policy noted US officials currently see no private-credit systemic issue, creating a policy versus market-perception gap. (x.com)