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Indirect Bidders Are Fleeing The Short Bond

Tyler Durden's picture


Treasury International Capital data provides an interesting glimpse into foreigners' bond purchasing habits: since the beginning of Quantitative Easing (April TIC data) through October 31 (the last publicly available data point for TIC), foreigners have bought a total of $236 billion in Treasury securities, which includes Bills, Bonds, Notes, TIPS and Cash Management Bills (from total holdings of $3.262 trillion in April to $3.498 trillion in October). What is known is that in April total marketable debt consisted of $1.988 Trillion in Bills, $3.822 Trillion in Notes and Bonds and $530 Billion in TIPS, for a total of $6.34 trillion. By October, this number had shot up to $4.5 trillion in Notes and Bonds, $567 Billion in TIPS, while Bills had been reduced to $1.85 trillion for a total of $6.925 trillion.

Zero Hedge has gone through every single Bill, Bond and Note TreasuryDirect auction and compiled the data for Indirect Bid auction take down numbers. We observe that the gross take down for Indirect bidders for Bonds and Notes amounts to a substantial $577 billion in the April-October period, and estimating redemptions of $162 billion, implies foreigners purchased a net amount of $414 billion in Bonds and Notes (we exclude TIPS as the number is largely nominal for the purpose of this exercise). Yet as we pointed out, TIC indicates that the total number of UST holdings only went up by $233 billion, implying foreigners (aka Indirect Bidders) were net sellers of $181 Billion in Treasury Bills. And this occurred at a time when there was still some modicum of yield on the short-end of the curve. With Bill yields now at record lows, and a record steep yield curve as a result, will foreigners ever step in to fill a void which apparently has been filled exclusively by Primary Dealers and the Federal Reserve in the attempt to keep the curve at record steepness? If yields continue being so low that only domestic banks, which benefit from the steep curve, are buying the short-end, this leaves a major question mark for the future. 

Data analysis

Zero Hedge, using TreasuryDirect data, calculated monthly Indirect take downs beginning in April through the end of October (the last date for which TIC provides total foreign holdings). The monthly auction data for all Bonds and Notes (excl. Bills, CMBs and TIPS) is as follows:

Out of a total $1.215 trillion in Bonds and Notes auctioned off in April-October, Indirects were responsible for taking down $576 billion. The average indirect take down of any given auction is 47.5%, implying that indirect bidders, aka foreigners, are responsible for nearly half of the end demand for any given Bond/Note auction.

Next, using Daily Treasury Statement data for Treasury redemptions, we calculated that in the April thru October period, $342 billion in Notes and Bonds matured/redeemed by the Treasury. We estimate the amount of Indirect redemptions using the same ratio of take down at about 47.5%, to reach a number of $162 billion. Netting out this redemption amount from the total indirect take down of $576 billion, we obtain an estimate for Indirect Purchases net of redemptions in the 7 month period of $414 billion. Net Indirect Bidder activity for April thru October is seen on the following chart:

Using comparable TreasuryDirect data for Bills and Cash Management Bills (CMBs) we obtained the following breakdown of gross purchases for Indirect and Total buying take downs. Notably, the average take down ratio over the 7 month period is noticeably lower at 38.5%. Already, the demand interest is markedly lower by 900 basis points (and this ignores any redemption netting).

Likewise, to estimate Net Indirect take downs, we determined the total amount of Bill redemptions using DTS data, and allocated a portion to indirects using the same process as above: using the take down ratio of 38.5% in reverse. The conclusion: Indirects took down $1.367 trillion in Bills while redeeming $1.523 trillion, for a net negative balance of $156 billion.

Combined, these two data sets yield the following observations for Net Indirect Treasury Activity in the April - October period:

The cumulative sum of all monthly net data results in $257 billion. As a reminder, according to TIC, the total change in all foreign holdings in the comparable time period was $236 billion. We are confident that if we had refined our redemption assumptions, the two data series would overlap.

In summary, while Indirect Bidders have continued to express an interest in US Treasury holdings, the duration profile of their portfolio has shifted dramatically, with a rotation of nearly $260 billion from short bonds into the dated side of the curve. This is how the comparison between the TreasuryDirect primary data and the TIC data looks graphically.


The record steep yield curve is having the desired impact of pushing Indirect Bidders away from the short end of the curve, and, contrary to conventional wisdom, is forcing foreigners to buy further down, or rather, right, the curve. This begs the question: with foreigners so obviously shunning the Bill space, who is it that provides the massive take down interest each and every Bill auction to allow short rates to be in a record tight range? The answer is obviously Primary Dealers, and the broader banker community, which courtesy of Q.E., are the only ones who are able to take advantage of the record curve steepness, and load up on cash at close to zero rates and subsequently lend it out or leverage this new capital via traditional fractional reserve mechanisms.

In very much the same way that near zero money market rates are expected to push retail investors out of safe cash-equivalent investments, so the record steepness is increasingly forcing ever more foreign lenders to go to the right of the curve in order to collect yield.

The question remains: with still a record high ratio of Bills to all other marketable government securities, will the government be able to push enough investors out of the relative safety of the short end into riskiness of "higher" yielding bonds, especially with increasing speculation that inflation may finally be around the corner. If this recent trend of shifting away from Bills into Bonds and Notes by Indirects is any indication, then inflation fears are indeed significantly overdone. Yet if in fact the Fed succeeds in stirring up the money multiplier hornet's nest, and banks finally do turn on the small and middle-business lending spigot, and inflation does intensify, the rush out of Bills will be taken up by everyone, not just Indirect, which would, in our opinion, result in a substantially overall flattening of the curve. This in turn would force all those asset managers who are positioned comfortably in expectation of further record steepening, to rush through the exits and cover their positions, thus create a feedback loop which could potentially cause a near flat curve at some point in the future. In the meantime, the risk of this occurring is minor, and with the 2s30s still at record steepness of around 375, we anticipate that ever more momentum chasers will continue jumping on the most popular trade of the year until such time as the spirit of Volkswagen rears its ugly head once again.


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Sun, 01/17/2010 - 21:36 | Link to Comment Burnbright
Burnbright's picture

No, investors will be pushed off the table, not down the yield curve. Why on earth would anyone let the US government hold on to their money for 10 yrs plus when they are already afraid of losing money by only loaning it out for 6 months?

Sun, 01/17/2010 - 22:39 | Link to Comment Anonymous
Mon, 01/18/2010 - 18:52 | Link to Comment Burnbright
Burnbright's picture

If I had your pretense that dollars always had value then I would agree, but I do not agree with the assumption.

Mon, 01/18/2010 - 19:03 | Link to Comment Anonymous
Mon, 01/18/2010 - 23:51 | Link to Comment Burnbright
Burnbright's picture

If I recall correctly the dollar lost 10% of its value in 2009, which inversely means there was inflation because there was a loss of purchasing power. Ignoring that fact however my point was that if people are afraid to lend the US money for longer than 6 months because of the uncertainty of lending them more for a longer period of time, in order to agree to purchase UST 10yr or 30yr you would have to assume that the interest rate was out pacing the loss of capital due to inflation or that the dollars value would remain some what static.

And I told you why I disagreed, I don't believe that the dollar has any intrinsic value, further more I doubt you could tell me what the value of the dollar was other than some idiot is willing to trade you stuff for it.

Mon, 01/18/2010 - 01:37 | Link to Comment Anonymous
Mon, 01/18/2010 - 16:25 | Link to Comment Anonymous
Mon, 01/18/2010 - 17:22 | Link to Comment Mad About Ewe
Mad About Ewe's picture

I second you recommendation annon.

Mon, 01/18/2010 - 17:13 | Link to Comment Anonymous
Tue, 01/19/2010 - 00:59 | Link to Comment Anonymous
Mon, 01/18/2010 - 18:01 | Link to Comment Anonymous
Mon, 01/18/2010 - 20:15 | Link to Comment Anonymous
Sun, 01/17/2010 - 22:07 | Link to Comment john_connor
john_connor's picture

Q:  Why would any small or mediuim sized business want to leverage themselves right now when any and all business not related to fading porkulus is going nowhere fast?  And I mean real revenue growth, not cost cutting. 

A: Regardless of the huge rally in the bs US equity market, the real economy is still in the toilet, and there are not enough willing borrowers even IF the banks wanted to lend, which they don't.

Therefore the hypothesis presented in the last paragragh is unlikely.  Further, if short term rates somehow moved up, the Fed would be compelled to follow, but in the process they would destroy even more people with floating 2nds and HELOCs, which would then make the upcoming Alt-A debacle worse and make the garbage assets on banks balance sheets worth 40 cents on the dollar rather than 60 cents.

Long rates, on the other hand, may "surprise" everyone and go down or just stay flat, especially if an "event" scares the algos out of equities.

Mon, 01/18/2010 - 10:44 | Link to Comment Anonymous
Mon, 01/18/2010 - 13:49 | Link to Comment anarkst
anarkst's picture

Which planet do you live on?

Mon, 01/18/2010 - 16:12 | Link to Comment RockyRacoon
RockyRacoon's picture

He lives in Potemkinville. 

I hear it's a nice place somewhere near Stepford.

Mon, 01/18/2010 - 17:32 | Link to Comment Anonymous
Mon, 01/18/2010 - 15:45 | Link to Comment dnarby
dnarby's picture


Mon, 01/18/2010 - 16:35 | Link to Comment Anonymous
Mon, 01/18/2010 - 19:16 | Link to Comment Anonymous
Mon, 01/18/2010 - 16:33 | Link to Comment Anonymous
Mon, 01/18/2010 - 17:42 | Link to Comment Mad About Ewe
Mad About Ewe's picture

As long as we're discussing anecdotes from anonymous sources, I feel like I should add my thoughts to your comments:  You obviously don't live in a farming community.  Come on out to my community, park in front of the general store, walk in, grab a cup of coffee, walk up to one of the dairy farmers there who has been paying to work for the last year, and tell him that farming looks good.  If you didn't catch what I have just said: many dairy farmers in this country have been losing money for every hundred weight of milk they produce for the last year.  They've either had to sell their herds, in order to not lose money while producing milk, or keep milking and lose money for every day they break their backs.  "Farming looks good."  Do you have any idea how hard it is to farm while you are making money.   Commodity prices are up and so is fuel and grain.  Profit margins haven't been thin, they've been negative.  Now farmers can break even.  Lets break out the champagne and celebrate our new found prosperity.  Sorry for the sarcasm.     


Mon, 01/18/2010 - 18:24 | Link to Comment Anonymous
Mon, 01/18/2010 - 18:44 | Link to Comment Anonymous
Mon, 01/18/2010 - 22:18 | Link to Comment Anonymous
Mon, 01/18/2010 - 18:27 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

(Dis)illusions of grandure, what 'Merica knows best.

Buy Silver.

Mon, 01/18/2010 - 22:06 | Link to Comment john_connor
john_connor's picture

Anon wrote "Why do you think business is so bad?"

Check out California and Illinois, which are two of the most populous states in the union and proxies for the national picture.  As you will soon find out, entities that are not part of the Fed and Treasury money laundering and counterfeiting scheme will be allowed to fail; and guess what, there is no federal bankruptcy protection for states.  Why will they fail?  Cash is disappearing from plunging tax revenues on both an individual and corporate level.  Why are tax revenues plunging?  Because business is that bad.  When states fail, they simply can not pay people anymore, and that will be when the tidal wave starts.  And again, it will foreshadow the national picture.

Let's see how far the IOU's go before someone says "I need cash to eat."  And then the margin calls will start, and won't stop.   

Mon, 01/18/2010 - 23:36 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

JC, predictions?  JPM to take control of CA?  Jay, ME Diamond(!) for (Supreme)Governor?  Sup?

Sun, 01/17/2010 - 22:03 | Link to Comment Anonymous
Sun, 01/17/2010 - 22:47 | Link to Comment Doug
Doug's picture

I'm short gold for essentially the same reasons.  Not massively short though - not yet anyway.

Mon, 01/18/2010 - 16:15 | Link to Comment jeff montanye
jeff montanye's picture

government yields rose 1930-1933 (sidney homer, a history of interest rates). 

Mon, 01/18/2010 - 18:33 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

"The most crowded trade"?  You jest?  "Tooth fairy"?  Try BS Bernanke telling me "inflation is not a concern."  Here is your tooth fairy, with his lower mandible flush in white, he is a talking skull.  Yes...

Buy Silver.

Sun, 01/17/2010 - 22:27 | Link to Comment gookempucky
gookempucky's picture

Tyler thanks to you- Marla-and ZH staff for all your hard work......

This is the Feds form of layaway as they are trying to use time as an ally.

Sun, 01/17/2010 - 23:12 | Link to Comment Anonymous
Sun, 01/17/2010 - 23:22 | Link to Comment deadhead
deadhead's picture

anybody got any thoughts on the Treserve crew ratcheting up attempts to bring long yields down aggressively now in anticipation of march end QE and the spring home buying season?

Sun, 01/17/2010 - 23:43 | Link to Comment Burnbright
Burnbright's picture

My guess they are trying to artificially spur more credit consumption via borrowing. And if long rates move lower they can point to it as a symptom of deflation and give them the excuse to continue QE.

Mon, 01/18/2010 - 21:37 | Link to Comment Anonymous
Sun, 01/17/2010 - 23:28 | Link to Comment Madcow
Madcow's picture

Asset decay and general anxiety will continue to drive people and other financial custodians into US Government debt.  But there's just not enough new cash being generated by the economy to feed all the rents public and private. 

So sure - they can keep the money rolling into the Treasury and into the Fed - but at the cost of the destruction of everything else. 

Unless the West reduces government spending by 75%, there's forced borrowing and monetization to make up for the money that isn't being invested - not because of lack of will or confidence - but because of a fundamental lack of EXISTENCE.

The magical gold-egg laying perpetual motion machine has been destroyed.

Mon, 01/18/2010 - 12:04 | Link to Comment Anonymous
Mon, 01/18/2010 - 22:03 | Link to Comment Anonymous
Mon, 01/18/2010 - 00:42 | Link to Comment RobotTrader
RobotTrader's picture

From the "This can't go on! (but does, forever)" department...
Rasputin - Sat, Jan 16, 2010 - 08:37 AM

...comes Doug Noland's latest "Credit Bubble Bulletin", found here:

And one of the several key passages from Doug's rant is in regard
to the massive, staggering, exponential growth of US current account
deficits, resulting in "Rest of World" holdings of our bogus paper.

Here, let Doug tell you in his own words:

Taking a different perspective on the issue, the Fed’s
Z.1. “flow of funds” report has the Rest of World
(ROW) holding $943bn of U.S. financial assets at the end of 1985. ROW
holdings ended last September at $15.052 TN.

(Ras): That's right, folks. Over the preceeding twenty-five years,
the US has foisted FIFTEEN TRILLION FIATSCOS of debt and other
instruments on the bagholding suckers. Furthermore, as also discussed
by Doug in his article, the US has gone from a paltry three-billion
fiatsco current account deficit amassed throughout the ENTIRE DECADE of
the 'Seventies, to OVER FIVE TRILLION in the decade just passed--with
no sign of letup.

However, as a chastised Rasputin can completely corroborate, Mr.
Noland notes that the naysayers and Cassandras who have predicted our
imminent demise have had their collective noses rubbed in the "Bretton
Woods II" doo-doo for decades now, with any and all glitches, crashes,
collapses, and other minor "inconveniences" papered over with
ever-greater amounts of fiat flinging.

(Ras Conclusion): We're NOT, I REPEAT, NOT scroomed. Infinite Fiat
is indeed infinite. Deficits don't matter. All the above numbers can be
doubled, tripled or even quadrupled with no consequences or
ill-effects. All bears, GHSers/SHSers, US Treasury shorters,
housing-bubble-screechers and other miscreants and malcontents should
give up their rantings and ravings and buy AMZN, GOOG, and especially,
AAPL because either you're with us (the Bretton Woods II gang and the
hundreds of millions of sheeple worldwide), or you're against us.


Mon, 01/18/2010 - 02:19 | Link to Comment Anonymous
Mon, 01/18/2010 - 12:59 | Link to Comment Charles Mackay
Charles Mackay's picture

While at first what you are saying may seem too obvious, it is in fact the most important consideration.

As mentioned further down, all we really have to worry about is wars, famine, disease, etc. striking the US.  Since the odds of those are generally low, we don't have much to worry about except whether QE2 starts on April 1, May 1, or June 1.  So there is a timing issue, but not much.  We had two corrections of about 10% in the second half of 2009, and basically they have almost been forgotten as the market keeps going higher.

One caveat - I am a small time Treasury shorter.  The Fed won't be able to stop all interest rates increases - being the price of basic commodities and food will rise faster than most everything else, which will cause real inflation.  More on that another day.



Mon, 01/18/2010 - 22:28 | Link to Comment Anonymous
Mon, 01/18/2010 - 14:56 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

Infinite fiat might not matter to you guys over there in the 50 states and also the 51st but the rest of the world is getting seriously pissed off, we are expected to pay tribute to New York and London gangsters for a increasingly poor service  (you do not even make good movies now) - in fact we are as mad as hell and are not going to take it anymore

Mon, 01/18/2010 - 18:32 | Link to Comment Anonymous
Mon, 01/18/2010 - 01:39 | Link to Comment Anonymous
Mon, 01/18/2010 - 02:32 | Link to Comment Anonymous
Mon, 01/18/2010 - 04:00 | Link to Comment Anonymous
Mon, 01/18/2010 - 06:49 | Link to Comment Anonymous
Tue, 01/19/2010 - 03:50 | Link to Comment Burnbright
Burnbright's picture

Yep and we get to experience hyperinflation as countries stop exporting to us to support their own countries problems and money outside the US comes flooding back in.


Mon, 01/18/2010 - 11:21 | Link to Comment Anonymous
Mon, 01/18/2010 - 12:08 | Link to Comment TumblingDice
TumblingDice's picture

In the near future, the banks don't want the money multiplier to rise or even go above zero. The continuation of this environment is ideal for the banks and other parties involved. The weak economy is a good excuse for banks to avoid lending to small business and the middle class. Instead the inflationary advantages of the the steep yield curve in combination with modern and traditional fractional reserve mechanisms can be used to continue lending primarily to the government and large corporations. This will have the effect of securing a more consolidated control of the economy while keeping the bad economy/high risk environment in tact.

Another effect is that during his Congressional hearings, Ben Bernanke can say that he has done his job: "inflation has been low" is a line I remember. The next question is about the other objective of the Fed and the answer is a quick admission of failure.

The dilemma presented is whether the system has any chance of surviving for very long with a dramatically low money multiplier. They have managed to direct inflation to their liking with the help of the gravity of the black hole (this can refer to the Fed or the threat of massive future credit losses). But if consumer credit continues to recede then it might create an unintended and extralegal effect: massive legal and illegal consumer default. If the banks lose credit then it is game over. So somehow the system has to prevent this while at the same time keeping the multiplier low, and this job is up to the government. It will continue taking on the consumer credit losses and then having programs that help joe sixpack "pay it back" and not let consumer credit enter into waterfall that will leave a whole that is impossible to fill with the other credit sectors.

A peaceful debt revolt or the election of a President that gets rid of the Fed are the only options I can see that can prevent this outcome.

Otherwise this will continue for as long as it can, with the marginal productivity of debt becoming lower and lower and always approaching zero, the numbers becoming bigger and bigger, with all the money going towards maintaining the safe bets of big corporations and governments (but I repeat myself) while letting the private sector go to rot. Wars will not be fought between the large international powers, but rather in the same spirit of consolidation of the oil bearing territories.

The problem with the two solutions that can prevent this outcome is that elections can be rigged and debt revolt goes against the short term preservation instinct hard wired into every American family.

Direct war between powerful nations might be the only thing that bucks this trend. When world oil production accelerates its decline the international consolidation might move past the friendly phase. Which is yet another reason why it is in the best interests of the fascist sector to keep the economy at a very low capacity utilization by preventing inflation from seeping to the middle class. If the economy picks up then the middle class might again start burning through the oil and bring this unstable situation of possible war even closer, before more measures of control are installed.

How can this be stopped? Is there any other way than a new monetary system? Can this be done without making some massive contract law violations? How can we focus when Jay Leno is being such a douche?

For now, while no better solutions are around, I believe ZH has exactly the right idea: educate and inform the citizen so that he can learn how to play the game.

Mon, 01/18/2010 - 16:23 | Link to Comment RockyRacoon
RockyRacoon's picture

There you go again, Dice!  Being reasonable and measured -- and accurate.

How can I focus on who will take Simon's place on Idol with you forcing me into a logical thought mode vis-a-vis the economy. 

Aaargh, the pain....


Mon, 01/18/2010 - 12:16 | Link to Comment Anonymous
Mon, 01/18/2010 - 13:16 | Link to Comment Anonymous
Mon, 01/18/2010 - 16:40 | Link to Comment Anonymous
Mon, 01/18/2010 - 19:04 | Link to Comment Anonymous
Tue, 01/19/2010 - 04:56 | Link to Comment Herd Redirectio...
Herd Redirection Committee's picture

Except I don't want to retire at 70.5

I have had to watch my parents generation retire at 50, 55,  60.... With generous retirement packages, severance and benefits.

It looks like retirement ITSELF will be history within 30 years, and so therefore my generation gets f*cked, royally.

So excuse me for not providing uniform support for your gloriously uniform solution.

Oh, except it is not uniform for those that are 27 the same that it is uniform for those that are 60 or 64...

This is going to end in a clash not only between the classes, races, and sexes,  but ALSO the ages!  The baby boomers better get real good with those guns, because they were terrible at keeping the gov't in check! 

Distance yourself from your peer group as swiftly as is possible, without causing alarm.  Attempt to educate the young (under 30) who are still open-minded and have not yet turned on the older generation.  This is imminent (within 10 years, so imminent is maybe a bit strong)

Mon, 01/18/2010 - 17:06 | Link to Comment Anonymous
Mon, 01/18/2010 - 18:47 | Link to Comment Anonymous
Mon, 01/18/2010 - 22:07 | Link to Comment Anonymous
Mon, 01/18/2010 - 13:56 | Link to Comment anarkst
anarkst's picture

Zero interest rates is the most effective form of financial terrorism possible.  

Mon, 01/18/2010 - 15:41 | Link to Comment Anonymous
Mon, 01/18/2010 - 15:44 | Link to Comment Anonymous
Mon, 01/18/2010 - 18:06 | Link to Comment anarkst
anarkst's picture

If you are 75yo and not in a position to risk what capital you may have, what then?

Mon, 01/18/2010 - 18:54 | Link to Comment Anonymous
Tue, 01/19/2010 - 05:03 | Link to Comment Herd Redirectio...
Herd Redirection Committee's picture

Yep,  life is cheap.

Who cares where your grandkids live?  Or your sons and daughters?

Move to Alaska,  cuz the houses are cheap */sarcasm*.   Mexico,  yessir, if you want to retire in peace I suggest a country run by drug cartels (the US is run by organized crime who hide behind the front of Wall Street and Washington)

Move to Canada (I recommend southern BC/Vancouver Island), atleast we can promise you shelter,  food, water, and some of the finest herb on the planet.

This idea that old people should just move where it is cheap, relatives be damned,  will see the USA disintegrate.  The family unit was the last thing holding this country together,  and it is on its last fibres.

Mon, 01/18/2010 - 14:19 | Link to Comment Anonymous
Mon, 01/18/2010 - 16:41 | Link to Comment JR
JR's picture

Speaking of elections, Peter Schiff’s Senate campaign’s latest Money Bomb has brought total contributions to date to more than $1,513,000 in its goal of $2,000,000 in a Republican Primary bid for Connecticut’s Senate seat occupied these many years by Democrat Chris Dodd who is his resigning the seat.

Schiff has long been an ardent supporter of free market economics and an early voice of caution of the pending financial crisis that has struck the United States and the rest of the world. Opposing Senate contender, Connecticut Democrat Attorney General Richard Blumenthal, says he was proud to support Sen. Dodd who is chairman of the Senate Banking Committee and he will aspire to the same record of conscious and achievement as a leader of the US Senate. Says Schiff, Instead of supporting Dodd, he should have been prosecuting him for the crimes he has committed.

Mon, 01/18/2010 - 14:24 | Link to Comment JR
JR's picture

Nathan’s Economic Edge featured two recent interviews with Marc Faber.  As for the markets and the debt bubble, said Nate:

“Marc thinks that the consensus for higher in the near term and over the course of this year is probably incorrect. He sees a marked correction and the possibility of finishing the year in negative territory...

“His long range outlook has not changed—he sees the eventual demise of our current dollar system.  Of course anyone who owns a pocket calculator can figure that out, if only they are brave enough to face the mathematical truth.” (ht Keith Hoops)

1/12/10 Marc Faber on Bloomber: This Year Will…

Dr. Marc Faber’s 2010 Predictions January 13, 2010—Faber: Bull Market In Bonds Is Over

Mon, 01/18/2010 - 14:32 | Link to Comment Anonymous
Mon, 01/18/2010 - 16:32 | Link to Comment Anonymous
Mon, 01/18/2010 - 23:46 | Link to Comment Anonymous
Tue, 01/19/2010 - 05:37 | Link to Comment Anonymous
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