just out from out-tray
Jay: let us instead be tempted by 30-yr US T-bills when reaching 20%, with gold conversion kicker clause, secured by the State of Alaska, and with sinking fund for principle repayment, custodian housed in the Forbidden City, Beijing, supervised by multinational Board operating in 4 official languages (Chinese, Russian, Arabic, and Japanese)
Rich wrote: fwiw-Must admit I am tempted by Port Authority at 20%.
> Bond...Muni Bond...
>
> Municipal Market Is Beset By Wave of Auction-Bond Failures
> By Martin Z. Braun
>
> Feb. 12 (Bloomberg) -- Banks including Goldman Sachs Group Inc.,
> Wall Street's most profitable securities firm, and Citigroup Inc.
> failed to support auctions of debt sold by U.S. municipal
> borrowers, causing interest rates on the securities to surge as
> high as 20 percent.
>
> Rates on $100 million of bonds sold by the Port Authority of New
> York and New Jersey with yields determined through periodic
> auctions soared to 20 percent today from 4.3 percent a week ago,
> after the debt failed to attract enough bidders, according to data
> compiled by Bloomberg. Presbyterian Healthcare in Albuquerque,
> operator of seven hospitals throughout New Mexico, had rates on
> $38.7 million of debt reset at 12 percent.
>
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