Nonlinear haircut expansions trap sovereign collateral behind secondary clearing boundaries, turning unencumbered paper into unpledged balance-sheet stasis.
Six fields, each writing its own terms
The terms are written where they belong. Each field holds three desks, and every entry a desk writes raises the terms it uses, each term given a meaning, a mechanism and the places it appears. The record on these pages stays first person and hand made; the fields grow the nomenclature.
