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Strategies & Market Trends : Asia Forum
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To: Bosco who wrote (5740)8/21/1998 11:30:00 AM
From: Frodo Baxter  Read Replies (2) of 9980
 
>However, if it starts receiving electric shock [according to my old notes from a few decades ago <G>, the most effective is a variable schedule,] then it may start to learn not only it won't get any reward, such behaviour will result in severe pain.]

My god, finally someone gets it! Except that the government (generally) shouldn't be stacking the deck. The interest rate for HK debt is 12%, which is higher than most junk bonds. Is this a fair price to attract buyers? Absolutely. Because if it wasn't the yield would be 20%, 40%, 150% (like Russian sovereign). That's how markets work. For every buyer there is a seller and price discovery results.

p.s. have you seen the yield curve today? That's a market signal for the Fed to ease.
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