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To: Real Man who wrote (393027)	8/22/2009 5:06:06 PM
From: gregor_us	Read Replies (1) \| Respond to of 436258

There's a thoughtful money manager named Hugh Hendry in London, who has taken up the deflationist cause this year. I wrote my first newsletter about him in a friendly way, and, even though I disagreed with him he was pleased to get the coverage. gregor.us Hugh and I still disagree. He's been kind enough to put me on his newsletter list, and so I get his stuff along with his clients. The bottom line is that I do think my call, in the above newsletter, that the 27 year old bull market in gov bonds was coming to an end--was a good one. That said, really, how hard was my call at that point? It just seemed obvious to me that the blow-off top (in prices) had finally occurred. I'd been looking for that for 2-3 years anyway. It would not have even had to be that spectacular either. Looks to me like when the final story is written, per your view, that the FED will be seen to have engineered a bond rally and USD rally for two purposes: one, prevent Sudden Stop. Two, sell lots and lots of new UST's at uber low levels. G