This wave of operations at the end of the year is really a bit scary.

News came from Wall Street that the water level of the $12.6 trillion "reservoir" had dropped to the point of sweating. What concept? The capital market, which is larger than the world's top ten technology giants by market capitalization combined, is now about to bottom out.

Several investment banks can no longer sit still and issued research reports overnight: the liquidity of the money market really can't last long.

If this matter collapses, it will not be a joke. The biggest risk point at the end of the year may be hidden here.

**Speaking human language, what is going on? **

Three simple points to help you figure it out:

**The bank's reserve fund is urgent. ** It's like you suddenly have to borrow money when your wallet is empty. Financial institutions are running out of reserves, and the safety cushion of the entire system is disappearing. Of course the market panicked.

**The cost of borrowing money soared. ** Previously cheap financing channels? It's a thing of the past. Now that the overnight lending rate has been rising, the capital cost of enterprises and institutions is under great pressure, who can withstand such burning money?

No one knows what will happen next. ** This is the first time since the Fed started reducing its balance sheet that it has encountered such a serious money shortage. There is no precedent to follow, and everyone is crossing the river by feeling the stones. Panic naturally doubled.

A few numbers to get a feel for the magnitude of this wave of crisis:

• $12.6 trillion – the size of this money market that is about to dry up,