NEW YORK (Reuters) - Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis.
Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union.
I wonder what this predatory vulture of a wrecker is shorting now?
The US 30-year bond is now trading about 40 basis points above the 30-year swap market (i.e the eurodollar market). I’ve never seen this before, and it has to change. I saw no stronger evidence that Geithner was a nitwit than when he claimed that the money market dollar was rated too highly against the US Treasury. Sorry, but it’s the other way round (unless, like other nitwits, you are only interested in the short term). If you were to build a financial model on the single premise that the US government was clueless, you’d make a fortune.
clipped from dailypundit.com
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