This page has been archived and commenting is disabled.

Rosenberg Debunks The Stupidity Of The Masses

Tyler Durden's picture


While we spend a lot of our time pointing out critical factors driving the reality of our markets and economies, today's note from David Rosenberg, of Gluskin Sheff, provides a spot-on and unarguable description of what every one of your favorite long-only strategist, sell-side economist, and hope-heavy CNBC anchor told you would happen - and hasn't!


  1. Hedge funds have not piled into the equity market to play catch-up.
  2. The Super Committee did not come to a compromise (and remember Moody's has the U.S. debt rating on "credit watch" and Standard & Poor's still with a "negative outlook".., shades of August).
  3. The Europeans have not managed to resolve let alone contain their credit crisis.
  4. Germany has not acquiesced and agreed to having poor sovereign credits ride off its AAA rating via a "Eurobond".
  5. The ECB has not moved towards QE. Nor will it — have a look at today's WSJ editorial on the matter. Brilliant.
  6. Mr. Market saw through the Q3 earnings season and recognized the lack of visibility in the guidance provided.
  7. China did not start to ease policy just because inflation rolled off the 6%-plus peak.
  8. U.S. recession risks, as per the San Francisco Fed, did not recede and actually stayed above 50% even with the better statistical tone to Q3 and Q4 GDP.


Hardly reassuring and perhaps once and for all, we will see the average talking-head for what they are - a self-aggrandizing marketing toy with the only goal of raising AUM at investor expense - as opposed to providing balanced research, investment advice, and occasionally contrarian perspectives.


And totally tangential, yet extremely topical, here is Rosie's take on an Italy-Lehman compare-and-contrast:

It's not exactly the same but it sure is similar.


In both cases we had entities that were wholly reliant on capital markets for their funding needs. Capital markets are a fickle bunch. Once confidence is lost, it can be difficult to restore it. In the case of Italy, it has over $500 billion of maturing debt to roll over in the next two years and $800 billion through 2014. Doing so at current near-7% yield levels will deal a punishing blow to debt- service costs and make it next to impossible to meet the fiscal targets the markets demand, rendering this a classic Catch-22 situation.


The difference is Lehman had $150 billion in bonds outstanding while Italy has $2.5 trillion. Italy may be the Eurozone's third largest economy but it is the region's largest bond market by a wide margin. This is where size matters — unlike Greece, Italy is just too big to rescue. And it can't print money to cover its debts and has no ability to devalue its currency to bolster competitiveness and export receipts. The magnitude of the financing requirement is such that Italy is going to have to hold bond auctions just about every week for as long as the eye can see, and the odds of having them fail are not trivial.


For all the talk of having the ECB do more than it has, the laws forbid the central bank from buying sovereign debt in the primary market. It is hard to believe that Italy will ultimately escape a restructuring of its own. In contrast to the Lehman story where ultimately the fiscal and monetary authorities found a way to contain the crisis, global policy makers this time around have far fewer bullets in the chamber to deal with the situation as they did in late-2008/early-2009.


Moreover, the ECB has now made it clear that it will not bend to the demands of others and begin the process of quantitative easing and endless buying of peripheral government bonds — putting the onus right back on the shoulders of Eurozone fiscal policy-makers where it belongs. Wasn't the EFSF at its origin and then with all the bells and whistles since supposed to be the saviour? Charles Kindleberger never envisioned the 'lender of last resort' function to be anything but about the banking system, which is why there was no chapter in the masterpiece he wrote titled Manias, Panics and Crashes on any monetary authority bailing out sovereign governments.


The Germans are calling the shots, to be sure, and have good reason to recall 1923 and everything that followed. This is something that people outside of Germany simply do not understand — the scars are felt more deeply there and they will not choose to monetize the debts. The ECB knows better than that too!


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 11/21/2011 - 14:47 | 1899446 rambler6421
rambler6421's picture

Bank run bitchez!

Mon, 11/21/2011 - 14:57 | 1899488 jdelano
jdelano's picture

OT--somebody please explain to me why John Corzine is not doing a perp walk.  How can he possibly be that Teflon?  Was the Bernank telling him to buy the damn bonds?

Mon, 11/21/2011 - 14:58 | 1899498 Long-John-Silver
Long-John-Silver's picture

being a close friend of the President has it's advantages.

Mon, 11/21/2011 - 15:03 | 1899504 jdelano
jdelano's picture

but shouldn't obama be crucifying the guy for precisely that reason? politically he needs distance and credibility....  Bush went after enron with a vengence....

Mon, 11/21/2011 - 15:04 | 1899526 LawsofPhysics
LawsofPhysics's picture

Yeah, I was thinking the same thing, maybe liberals really are pussies.

Mon, 11/21/2011 - 15:21 | 1899618 He_Who Carried ...
He_Who Carried The Sun's picture

Italy, Greece, Spain and Portugal will leave the Eurozone by 2013 but will remain in the European Union. As I said before: Merkel will have her way.

Mon, 11/21/2011 - 17:20 | 1900087 Thomas
Thomas's picture

Wall Street is a crime syndicate and everybody knows that it is hard to bring down one of the bosses. I think he ought to get whacked. These guys are worse than serial killers.

Tue, 11/22/2011 - 04:56 | 1901739 French Frog
French Frog's picture

Hmmmm ... interesting but these 2 ZH articles can't be both correct (not ZH's fault though):

Mon, 11/21/2011 - 16:51 | 1899966 Bartanist
Bartanist's picture

Lol ... Bush went after Enron then buried all of the evidence that would have tied him and Cheney to the fraud in the building 7 demolition. More than a few truckloads of gold disappeared that day.

Mon, 11/21/2011 - 17:08 | 1900014 tumblemore
tumblemore's picture

Media. Bush was forced to go after Enron because most of the media would have used it against him otherwise. Obama only has to worry about Fox doing that and i don't think Fox is interested in Wall St. crimes.

Mon, 11/21/2011 - 18:13 | 1900355 Chuck Walla
Chuck Walla's picture

Media. Bush was forced to go after Enron 


You mean the Enron that exploded under Clinton's watchful eye?

Mon, 11/21/2011 - 18:10 | 1900334 Chuck Walla
Chuck Walla's picture

but shouldn't obama be crucifying the guy for precisely that reason?


Um, can you say "Campaign Conributions"?  Can you say, "Don't believe the hype cuz all the real money comes from the 1%"?  Can you say, "Who plays golf with Obama - you or the Corzines of the world"?


Your answer is in there somewhere.

Mon, 11/21/2011 - 20:05 | 1900759 philipat
philipat's picture

Welcome to America, the land which continues to lecture the rest of the world about corruption etc.


Mon, 11/21/2011 - 15:27 | 1899644 hannah
hannah's picture

 OWNING  a  President has it's advantages.

Mon, 11/21/2011 - 18:12 | 1900342 Chuck Walla
Chuck Walla's picture

OWNING  a  President has it's advantages.

+ 52 trillion...

Mon, 11/21/2011 - 15:54 | 1899786 FlimFlam
FlimFlam's picture

I see only two ways of viewing the MF fiasco: either Corzine bet the ECB would print, or he knew or bet it wouldn't. The latter is not unreasonable given Corzine's deep inside status.  Assuming the latter, does the missing money not correspond to a money grab in the same vein of prior financial-system money grabbing?

Mon, 11/21/2011 - 17:27 | 1900109 IcarusOnFire
IcarusOnFire's picture

Why is Corzine not doing the perp walk?

Simple.  He was the Wall Street campaign contribution coordinator for our illustrious President in 2008.  He collected a record amount of money for the king.  That makes him invincible.  Our corrupted Attorney General would never dream of going after him, after all they need those contributions to keep rolling  in 2012.



He only stole 1.2 billion.  Chump change.

Mon, 11/21/2011 - 15:07 | 1899532 Zero Govt
Zero Govt's picture

Give that street artist an award ...masterful brush strokes

Mon, 11/21/2011 - 14:48 | 1899449 Ahmeexnal
Ahmeexnal's picture

sheeple are sheeple

Mon, 11/21/2011 - 14:57 | 1899493 Don Birnam
Don Birnam's picture

" 'Self-aggrandizing marketing toy ?!' Goodness ! I'm not the one drinking Cherry Coke on-air ! You want to talk self-aggrandizing, Mister Durden, see Uncle Warren -- I just say 'How warm ?' when Uncle Warren says, 'Draw me a bath !' "



Mon, 11/21/2011 - 16:28 | 1899885 Catflappo
Catflappo's picture

I hear on CNBC that Buffett noted that "Europe had flaws".    Boy, does he know The Beatles have split up too ?    I think anybody long anything there is hoping it has a floor, not a flaw.  

I have no doubt at all that Buffett has lost the plot and the last few years of his 'work' will put an indelible stain on his performance.   Perhaps he was never anything more than a huge 'buy the dipper' without any realisation that incredibly loose monetary conditions underwrote the whole thing whole along ? 

And if that's the case, we learn that even 40-50 years in the market is not neccessarily long enough to 'know it all'.


Mon, 11/21/2011 - 15:30 | 1899660 jdelano
jdelano's picture

so why should it be, you and I should pay for all their perfidy...

Mon, 11/21/2011 - 14:51 | 1899457 GeneMarchbanks
GeneMarchbanks's picture

The Squid hates #5. Blankfein working on it as we type...

For those that missed the best read of the day:


Mon, 11/21/2011 - 14:58 | 1899496 Vergeltung
Vergeltung's picture

the title is worse than the article's conclusions, but, I hear you.


Mon, 11/21/2011 - 15:14 | 1899548 wisefool
wisefool's picture

Stop it. I can no longer afford CNBC, so I have ben watching bloomberg for free over the interwebs. If they are going to publish crap like this I'll have to stop watching that too.

Keynes was a product of a brutal world war that killed millions but made some people very rich. Wiemar caused the same war whose foundations were reparations for the "first" bloody world war. Is it possible that we can NOT use economic theories from 50 year dead Econ PhDs wiho when living suffered PTSD? The article states Keynes was right about the reparations, and Uncle sugar fixed the problem with the marshal plan. Now it is Antie Merkels turn, since Mao decided to stay home. If merkle is going to play uncle sugar with out a police state government, she is going to need 70,000+ page tax code, and get the PIIGS to accept it. Some dirt farmer in North Dakota is currently paying income tax so that some euro gets US bailout money and does not pay a cent of tax on their second villa with a swimming pool.

The birth rate in the west is way, way down, so using the "war limits population" as a faustian bargain makes about as much sense as Krugman wanting interstellar aliens to wage war on us.

Mon, 11/21/2011 - 18:19 | 1900393 Chuck Walla
Chuck Walla's picture

Why not use economic theory from 50 year dead professors?  Obama and most of the left and some of the right cleve close to ideas over 150 years old and only accept updates from Lenin and inspiration from fascism.

Mon, 11/21/2011 - 15:09 | 1899555 CClarity
CClarity's picture

Blankfein (and all the Bank CEOs like Moynihan, Dimon, etc) sure have been out of the public eye for months.  Again making MSM look pathetically weak. Truly appaling. 

Mon, 11/21/2011 - 19:04 | 1900563 EFNuttin
EFNuttin's picture

Firstly, I am a big fan of Germany and the Germans.  That said, the Germans are really good at some things and really lousy at others, like all human people.  As an expert on 20th Century military history in particular, here are some observations relevant to the current environment in which Germany is "calling the shots":  1)  Germans excel at counter-attacks.  If German bonds got into trouble, woe to the speculators that tried to profit.  2)  Germans are masters of tactics.  The success of using combined arms at the "schwerpunkt" was overwhelming time and again right through the Battle of the Bulge.  3)  On the huge negative side, they were lousy at diplomacy.  In WWI, they realistically could have kept Britain out of it simply by modifying the Schlieffen Plan to wheel only through a fraction of eastern Belgium and all of Luxemburg.  Considering the Central Powers conquered Russia and neutralized Italy, France would have been in terrible shape without Britain, particularly the Royal Navy's blockade that throttled much of the German economy.  There were other awful diplomatic moves by the Kaiser's government, but hauling Britain in mostly against its will was paramount.  As for diplomacy in WWII, Germany was under no obligation to declare war on the USA in support of Imperial Japan while already fighting Britain and the USSR.  The success of the U-boat campaign in Spring 1942 along the Eastern Seaboard hardly offset the insanity of letting FDR have the final excuse he wanted to come in on London's side.  4)  Also on the negative side, the Germans made many lousy strategic moves in both wars.  Abandoning the Kriegsmarine at Wilhelmhaven after Jutland in WWI and delaying the invasion of the USSR in WWII by six weeks leap to mind.  5)  Finally, the Germans were outfoxed completely in information warfare in both wars.  The Royal Navy's Room Room 40 in WWI at Jutland and the insanity of using the Enigma machine, a commercially available device prior to WWII throughout that war proved fatal for millions of German sailors, soldiers, and airmen.  

If people are now worried about a German financial conquest of Europe with speculators nipping at their heels at every turn, they should relax.  Their fiscal prudence at home does not make them experts in fiscal prudence for all of the EU.   I read this article in which American bankers kept packaging up credit default swap turds all the while giggling that "some dumb German bankers in Bonn will snatch these right up".  The article used a theme that Germans like to be personally clean, but also to dabble in filth from an arms length away.  Those CDS's with high yields were filth that was fatally attractive to the German bankers.

Mon, 11/21/2011 - 14:52 | 1899465 M.B. Drapier
M.B. Drapier's picture

Germany has not acquiesced and agreed to having poor sovereign credits ride off its AAA rating via a "Eurobond".

It's desperately trying to set one up now, isn't it? The only real obstacle may be that it's left things a little late.

Mon, 11/21/2011 - 14:54 | 1899470 Vergeltung
Vergeltung's picture

this post is correct; despite the Wiemar debacle being over 80 years ago, the scars ran deep. much can be said of the argument that it led to the rise of Hitler, and all that followed.

they are quite right to fear it. as should everyone else with an ounce of common sense...


Mon, 11/21/2011 - 15:02 | 1899511 LawsofPhysics
LawsofPhysics's picture

The fact that certain CEOs and politicians make it as far as they do and grow as rich as they are should scare anyone with an ounce of common sense.  Such is the way with moral hazard and unchecked fraud.  Reset is just fine with me, I know the value of my labor and that of my employees, fucking bring it.

Mon, 11/21/2011 - 15:23 | 1899627 Zero Govt
Zero Govt's picture

we need to do more than bring on the re-set ...we need to bin that shithole of humanity, Govt, when we re-set

if we replace this corrupt monopoly institution with another we're dumber than fuck and deserve repeating the mistake (and economic hell and misery that goes with it)... see the Russian and Chinese Revoltions, both replacing one set of parasites with a worse one

Re-Set to Zero alright ...but zero Govt ...or it's all a fuking waste of time

Mon, 11/21/2011 - 14:55 | 1899474 Mugatu
Mugatu's picture

Cue the Deer!

We're going down big bitches!

Mon, 11/21/2011 - 14:54 | 1899475 Concentrated po...
Concentrated power has always been the enemy of liberty.'s picture

I have no faith in humans, they will give up objections to doing the "unthinkable" soon enough.

Mon, 11/21/2011 - 14:58 | 1899497 GeneMarchbanks
GeneMarchbanks's picture

Dude... (somber tone) is this your I'm-ending-this-tonight letter?


Mon, 11/21/2011 - 14:54 | 1899477 Cognitive Dissonance
Cognitive Dissonance's picture

I like Rosenberg. But anyone who screams at the stupidity of the masses without including themself is the bigger fool.

Mon, 11/21/2011 - 14:56 | 1899484 GeneMarchbanks
GeneMarchbanks's picture

+ 1.


Mon, 11/21/2011 - 14:57 | 1899494 MsCreant
MsCreant's picture

I just had that arguement with someone on this blog on another thread. So damn true.

Mon, 11/21/2011 - 14:59 | 1899499 jcaz
jcaz's picture

You mean like those with self-aggrandizing screen names?

Mon, 11/21/2011 - 15:10 | 1899556 Cognitive Dissonance
Cognitive Dissonance's picture

OK! OK! 

I admit I don't have a very impressive Cognitive Dissonance. But I do have a Long Dong for Gold and Silver. :)

{And I did stay at a Holiday Inn Express.}

Mon, 11/21/2011 - 15:27 | 1899646 Dirtt
Dirtt's picture

Man in the mirror?

I guess the delineation is where actions supercede words.  And then there is perception. No doubt people who left Nazi Germany before George Soros stole their property were called cowards.

Survival of the fittest.

Mon, 11/21/2011 - 14:55 | 1899480 Sudden Debt
Sudden Debt's picture

I might even compare TODAY as a DOWN DAY!!


Mon, 11/21/2011 - 15:13 | 1899579 CrazyCooter
CrazyCooter's picture

Putting the "D-O-W" back in DOWN, eh?



Mon, 11/21/2011 - 14:57 | 1899486 falak pema
falak pema's picture

Merkel is going to make Bernanke print to infinity to save the GS banking squid world wide. The battle of who prints and who doesn't and where the socialised debt ends is on; its going to get ugly, as Oligarchs when they fall out, are worse than T Rex's in war.

The next six months will determine if saving the GS nebulous including all the Euro banks will be funded by Germany or US or a mix. This is what is ultimately going on. The US does not want contagion to hit Euroland as it'll sink US finance. As ECB won't print FED/BB will have to. Fasten seat belts as GS hits Euroland hard to get them to participate to maximum before Ben hits the print button...The drama around Italy, Spain France will heighten as GS pulls all the plugs out. Watch Merkel shake her head and say, shock of Titans.

Mon, 11/21/2011 - 15:17 | 1899593 CrazyCooter
CrazyCooter's picture

The global central banks (Fed, ECB, PBC) must *coordinate* to save the system. At least that is my take right now. If these banks do not muster their representatives muy pronto and cooperate to prop up the system, this bitch is coming apart. It may be too late as is.

No one central bank can, by itself, save the system, even the Fed.

So the question is; are they going to team up or shoot at each other. I am thinking the later right now.



Mon, 11/21/2011 - 15:23 | 1899626 ZerOhead
ZerOhead's picture

Someone is going to have to print or the party stops...


"While the Treasury has been at pains to say that direct U.S. bank exposure to European countries now receiving bailout aid -- Greece, Ireland and Portugal -- is moderate, once the debt of Italy and Spain, plus credit default swaps, and U.S. bank indirect exposure through European banks are added, the potential sum could exceed $4 trillion." 

BB is the man for the job. Offhand I can think of $16.1 TRILLION very quiet reasons why.

Mon, 11/21/2011 - 15:33 | 1899678 CrazyCooter
CrazyCooter's picture

I agree, but the Fed can not save them all by itself is my point. That means all three CBs have to get together and figure out how to coordinate to keep the system floating.

That does not seem to be happening ...

4T is a big number for the Fed to vacuum up right now ... OWS protests ... Tea Party ... RP surging in the polls ... if BB hits <Ctl-P> 4T times ... all hell is going to break lose domestically before a presidential election.

I think nuking Iran is the only out right now ... not that I endorse that action.



Mon, 11/21/2011 - 16:35 | 1899918 Ghordius
Ghordius's picture

What Would President Nixon Do?

Mon, 11/21/2011 - 16:57 | 1899976 wisefool
wisefool's picture

Is this also based in the kids l33t speak? World War Owned? pretty cool (and unfortunately accurate)  if so!

Mon, 11/21/2011 - 14:57 | 1899495 masterinchancery
masterinchancery's picture

Italy also has a no-growth economy, worse than any country except Zimbabwe, and is a demographic disaster.  Anyone who thinks Italian long bonds will be paid off is seriously demented.

Mon, 11/21/2011 - 16:37 | 1899924 Ghordius
Ghordius's picture

You are so cute
And know so much firsthand...

Mon, 11/21/2011 - 14:59 | 1899500 buzlightening
buzlightening's picture

We're all in a financial " Cyclone B, or in German Zyklon B " gas chamber. Silcence of the lambs!!!   LOL

Mon, 11/21/2011 - 15:09 | 1899551 Dr. Richard Head
Dr. Richard Head's picture

They just told me we were just going to take showers.

Mon, 11/21/2011 - 15:02 | 1899512 Andrew Jackson ...
Andrew Jackson epitaph's picture

Google translation :

"But in the eyes of experts, Berlin is not so exemplary. "The deficit is shamelessly rigged" denounces Sylvain Broyer, an economist at Natixis. And develop: after the shock of 2008, the country has resorted to legal tactics, but unethical, accounting for tens of billions of euros paid (or offered as security) to revive its economy and save its financial sector .

The money, says M. Broyer, were housed in a special fund "Sondervermögen" which helped to swell the debt but is not taken into account in calculating the deficit. Without this trick the German deficit in 2009 would not have been 3.2% but 5.1%, calculated Natixis. A level comparable with France ... What to echo the words of Jean-Claude Juncker, Luxembourg President of the Eurogroup. "In Germany, it is often as if the country had no problem, as if Germany was free of debt while all others would have excessive debt", he released recently. A cons-truth in his eyes: "Germany has a debt higher than Spain. But no one wants to know here.""

Mon, 11/21/2011 - 15:05 | 1899527 Jim in MN
Jim in MN's picture

The Squid vs. 6, er, 7 billion humans.


Odds are favoring the Squid.  Yet, the math is against them.  How strange.

Mon, 11/21/2011 - 15:12 | 1899569 Ned Zeppelin
Ned Zeppelin's picture

Squid math is completely unlike our conventional, terrestrial math. The Squid think at a higher level.

Mon, 11/21/2011 - 16:23 | 1899882 ebworthen
ebworthen's picture

"The Squid think at a higher level."

Until their heads fall into the basket at the foot of the mob.

Mon, 11/21/2011 - 16:38 | 1899928 Ghordius
Ghordius's picture

It's the HOLY Squid
E v e r y w h e r e

Mon, 11/21/2011 - 15:07 | 1899536 Ned Zeppelin
Ned Zeppelin's picture

If the ECB does not print, then defaults are coming sooner rather than later.  Wonder if CDSs will pay if there are real defaults- or will they all be labeled "voluntary" by the ISDA?

Mon, 11/21/2011 - 15:07 | 1899539 Jim in MN
Jim in MN's picture

I wonder also if future historians will write of the influence of Xanax, Prozac etc. on risk-seeking elite behavior and system collapse, or if greed and psychopathic disorders have it covered.

Mon, 11/21/2011 - 15:12 | 1899573 slaughterer
slaughterer's picture

Rosie is a little too smug in his role as debunker today.  At least 2 things on his "stupid masses" list will come true.  

Mon, 11/21/2011 - 15:38 | 1899691 crawldaddy
crawldaddy's picture

and lets not forget what noone ever talks about.  The radiated nightmare that Japan is now becoming. Fukushima disaster is still ongoing.  What will the markets think of a china syndrome event?

Mon, 11/21/2011 - 15:36 | 1899695 crawldaddy
crawldaddy's picture

double post

Mon, 11/21/2011 - 15:39 | 1899716 electricgorilla
electricgorilla's picture

Buzz lightyear meets Ben Bernanke. PRINT TO INFINITY AND BEYOND!

Hyperinflation coming to a neighborhood near you.



Mon, 11/21/2011 - 15:48 | 1899767 Major Priapus
Major Priapus's picture

Sean Corrigan nailed it in today's Cobden Center article:

Mon, 11/21/2011 - 16:37 | 1899839 ebworthen
ebworthen's picture

Slowly, gradually, the malfeasance has seeped deeper and deeper into the societal conscience, and the realization that the moral contract is broken dawns.

When there is no trust, there is no relationship; and at the basis of any market or government there must be trust.



Mon, 11/21/2011 - 17:14 | 1900043 surfersd
surfersd's picture

Gold is going to be in a world of hurt until there is a real sense that the printing presses are going to be turned on. Silver could be seeing sub $25 early next year or sooner. The question then becomes will the US political stalemate keep the Bernak from buying new print cartridges until after the election? Then if a repub wins will they trash the presses?

Oh I have been long gold and silver a really long time, but I think the next few months could be tough.

By the way I had my acct frozen at MF. F@#K Corzine!!

Mon, 11/21/2011 - 17:27 | 1900115 imsaul0968
imsaul0968's picture


For those of you who invest in an IRA or for long term goals, theres a better approach than buy,hold,hope. Stocks follow the economy so analyzing the economy, specifically the factors that are "leading indicators" and having exposure to equities only when the economy is headed in the right direction and avoiding equities in favor of safe haven baskets is a much more logical approach. And missing the major drawdowns is the only way to help ensure meeting your goals.  If you are interested in investing in a portfolio that tactically invests in equity and safe haven baskets via ETF's automatically, please email me at:

and I'll add you to the weekly market commentary & portfolio update distribution list.  Its free to add you and you can follow along our model and our views.  We have been RISK-OFF since 6/30 so have missed all this wicked volatility. Currently invested in short duration treasury baskets as flight to safety drives interest in our debt. 


Do NOT follow this link or you will be banned from the site!