Dan Zwirn, CEO and CIO of Arena Investors, returns to Real Vision to provide a strategic update on the world of credit. In this interview with Real Vision’s managing editor, Ed Harrison, Zwirn explains how, in a world of suppressed interested rates by monetary authorities such as the Federal Reserve, companies that are effectively underwater nevertheless manage to secure financing at attractive rates. Harrison and Zwirn discuss this phenomenon of “liquidity without solvency” in depth, comparing the ongoing fervor in AMC Entertainment Holdings to Hertz last summer.

Bad news from the IRS, textbook publishers’ woes, and Johnson & Johnson’s big bond sale.

Here are today’s biggest headlines, including updates on Gold’s recent rally, the stock market frenzy in China, and Bill Ackman’s blank-check IPO

What the hell is going on? While U.S. equities continue to appear calm and stable, a look at the U.S. credit markets reveal that chaos is still roiling beneath the surface.