Скачать или смотреть How Dealers Actually Work

Dealers are the most important, least understood institutions in modern finance. They sit at the center of the system — connecting money to markets, funding to valuation, and global liquidity to asset prices.


In this episode, Justin breaks down:

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What a dealer actually is

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Why dealers use their balance sheets to make markets

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How they hedge, fund, and offset risk

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Why liquidity disappears when dealers pull back

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How the Fed supports dealers (not asset prices directly)

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How dealer balance sheets influence discount rates, volatility, valuation, and global flows


If you’ve ever wondered why markets move the way they do, or why crises feel chaotic, this episode will change how you see the entire financial system. Dealers are the bridge between liquidity and price — the missing link in most economic conversations.


Welcome to the ledger.