These past few days, everyone has been focused on US-China escalating rhetoric, but the real bombshell actually just exploded on Wall Street.

First shock: BlackRock, the world's largest asset manager, directly restricts client redemptions — customers wanting to withdraw 9.3% get only 5%, with the rest forcibly withheld. This is called "liquidity management," but frankly it's just default. Shortly after, Apollo and Blackstone also freeze redemptions in succession. The three giants all blow up simultaneously, and the $3 trillion private credit market begins full-scale defaults.