About half a year ago, after it became painfully clear that the BRIC concept was dead (which has since become quite obvious with surging inflation and liquidity tightening across the board, and markets in China, India and Brazil reacting appropriately), the man who was subsequewntly sent to exlie to manage Goldman's cloaca division, the GSAM which carries about the same clout on Wall Street as Bank of Lynch, penned the term "N-11." Supposedly, these were the countries that were expected to carry the world to the next massive leverage induced consumption boom. As a reminder: here are the countries: Bangladesh, Vietnam, Egypt, Iran, Pakistan, Indonesia, Nigeria, Philippines, Mexico, Turkey, Korea. Well... make that N-10 now... And soon to be N-0, as the policies of Jim's drinking buddy, Gen(ocide) Ben, become fully transparent to the developing world. That said, the N-11 list (RIP) is a great indicator of where speculator should be bidding all CDS to the limit up hilt (we jest... obviously CDS has no limit up locks... Unlike rice - which just hit one).