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I have no idea man. My knowledge extends as far as that video. After watching "The Big Short", I've learned that there are a lot of ways that finance bros play the economy in ways that we cannot comprehend.
Good movie
My hypothesis is that they put the gilts up as collateral so that they could borrow money to invest. So, interest rate goes up, and the value of existing gilts goes down, because why buy a gilt with 1% interest when you can get a new one with 2% interest? Pension funds need to add more collateral to their accounts, because the gilts became less valuable.