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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: mishedlo who wrote (76530)3/19/2008 9:03:27 PM
From: Real Man   of 116555
 
I know the story, Mish. Money on credit. Ka - boom, and
credit evaporation. That is deflationary. Happens every
time in currency crises. 98% of the banking system collapsed
in Russia in 1998. T-bonds are not risk-free. In fact, I
would argue T-bonds are in mania, driven by safety/credit risk
concerns, since real Yields are very, very negative. However,
prices won't drop, they will rise, as US imports everything.
What usually happens? Currency crash, stock market crash, as
the credit crisis spreads to government bonds. Complete mess.
These are not risk-free - US government GAAP liabilities are
- 57 trillion.
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