Over two years ago in "Desperately Seeking $11.2 Trillion In Collateral", Zero Hedge first warned that as a result of relentless central bank monetization of debt, liquidity in bond markets would decline at an ever faster pace even as, paradoxically, these same central banks added "phantom liquidity" (the topic of another post from two years ago) to equity markets in their attempt to artificially inflate stock prices to record levels without fundamental justification.

Sure enough, with the usual 2-5 year delay, in 2015 the primary financial topic sweeping the mainstream financial media and all the "serious" pundits, is the collapse in bond market liquidity.

Some, the more naive ones, blame regulation. Others, such as iconic Citigroup credit strategist Matt King strategist explained - once again - that Dodd Frank is a negligible reason for the total plunge in bond market liquidity which is the result of, just as we warned, central bank intervention and the relentless ascent of algorithmic trading.