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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum

GLD 387.19

-0.7%

Dec 2 4:00 PM EST

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To: pogohere who wrote (82728)	11/5/2011 3:31:40 AM
From: pogohere	Read Replies (1) of 218147

Imagine this: Destructive, Destructionism And Inflationism by Doug Noland November 04, 2011 . . . Italian yields jumped 16 bps today to 6.35%, tacking on another 34 bps for the week. The spread to bunds surged 69 bps to 453 bps. One is left pondering how the Italian bond market would have fared had the ECB not surprised the market with a rate cut and not continued to aggressively buy Italy’s debt. Tuesday from the FT: “A trader of Italian government bonds said: ‘It was meltdown at one point before the ECB came in. There were no prices in Italian government bonds. That is almost unheard of in a big market like Italy. There were just no buyers and therefore no prices.’” Just to think that there were “just no buyers and therefore no prices” in the world’s third-largest sovereign debt market. To have Greek yields this week approach 100%. To have speculative positions in sovereign debt early in the week lead to the eighth largest bankruptcy filing in U.S. history. And there were heightened market concerns as to the safety of “segregated” brokerage assets (in response to MF Global issues) and the integrity of the Credit default swap (CDS) marketplace (Greece and beyond). To have G20 policymakers, again, fail to reach a consensus as to how to approach the European debt crisis. To have Greece spiraling out of control. The wrecking ball has been just chipping away at the bedrock of market faith in contemporary finance. (more) prudentbear.com

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