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Not accounted by whom? As an investor in German debt, I know all about KfW. I am also pretty sure the ratings agencies are on top of it. Look, I know you feel stongly about these things, but you should really make an effort to be a little more impartial.

KfW isn't hiding anything... Everyone knows what it has. Moreover, KfW has actual assets.

Not I... But then I don't do things like this a lot.

Huh? You really don't get it, do ya? The above makes very little sense. For one, can you make your mind up? Is the gain "capped at $33" or "capped at $3"? I am all confused, 'cause you seem to be alternating between the two.

Just think of it! We get to see greatness in action!

Interesting article that makes some valid points. Thanks for posting.

Seriously now... Judging by your posts, this thread surely has to be some sort of wind-up.

Which parts are those? And let's pls not talk about former Eastern Germany, since that's different...

Notice that I didn't say that you don't understand. I have no reason to believe you don't. My point was that, as per your own admission, you don't know what to do with them. What I am really shocked at is what sle has said a couple of times. How is it possible that you possess enough...

Just like the people you're indiscriminately accusing of overcomplicating things, you're guilty of sweeping generalization. Everything has its place in moderate quantities, including flies, condors and the like. Just 'cause you don't know how to deal with the complicated bits doesn't mean...

It's all a massive conspiracy, I tell you!!!!

Beats me... I think it's taking the thesis that EUR might go anywhere when/if the bad guys, including Italy, exit the EMU.

It's not too good data and things aren't quite as bad. 1y BOT is arnd 7.5 - 7.8% yield, roughly 160bps higher on the day.

Given they're pretty much the only buyer arnd and there's a LOT of sellers, that's, unfortunately, not the case. They sure wish it were.

Yep, nobody wants to trade, as these mkts become more and more dysfunctional and illiquid. Dealers widen their bid/offer, 'cause they have no appetite to warehouse any of this stuff (given the recent Jefferies accident, who can blame them). The real money community are scared sh1tless, so...

No such thing as an average, to be honest, ralph. Average volumes on MTS, which is the dominant electronic platform, used to be arnd €5-7bn a day in notional terms (including t-bills, floaters and linkers). That was a year ago or so. Now you're lucky if more than €2bn trades and the...

ECB has not been buying furiously. They bot, in my estimate, less than €2bn, which is 1/2 of the size they did at the beginning of last week.

Haha, I seem to have caught you mid-blow, so to speak :).

A market full of silly carry monkeys is an accident waiting to happen...

That's the change on day and it's stale. Currently, the yield on the 3M BOTS is arnd 5.8% (although it's anyone's guess how real of a mid this is).