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Politics : Foreign Affairs Discussion Group
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From: c.hinton11/28/2007 12:02:31 PM
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"The short-term failure of the Louvre agreement to stablize the dollar, plus an abrupt perk-up in U.S. leading inflation indicators led to a fairly massive exodus of Japanese institutional investors from Treasury debt, albeit longer-dated maturies, not T-Bills.(If you look at the Treasury Dept's chart referenced in the post, you can see the abrupt downward spike in average maturity that this produced.)

The end result, of course, was a rip-roaring bond bear market, a stock market crash, an emergency injection of liquidity by the Fed, and - depending on whose memoirs you believe - something close to a global financial crisis in the winter of 1988."

rgemonitor.com
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