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Sure, all valid points... I'll add when USDJPY is at 60 then :).

Read FDAX's paper and you'll understand...

I suppose so, but I need to think about it properly, actually. Nice question.

This might be helpful... http://nuclearphynance.com/User%20Files/2/Dispersion%20-%20A%20guide%20for%20the%20clueless%201.1.pdf

I like it for 3 reasons: 1) I believe that the downside is bounded, since, even now, the strength of the yen is difficult for Japan to deal with. If we go much further, the BoJ/MoF hand might be forced and they will be compelled to act in a meaningful way. If they don't, the impact of the...

How could anyone have a good answer to a question like yours?

Let me find one of the old threads... Here: http://www.elitetrader.com/vb/showthread.php?s=&threadid=172041

This has been discussed a number of times... There's a variety of options. Unfortunately, they all have their flaws.

Notice the use of the word "would" which denotes, if I am not mistaken, a subjunctive mood...

Well, given we don't actually know exactly what the trade is, it's very hard to know the implications of PSI on it.

Yet another absolutely priceless gem from ET's resident philosopher-king, TJ.

tj, you're truly smth else, you know that?

Nah, it's not 'cause of that. Have you seen a graph of labor productivity in Germany vs other European coutries? Also, what was the retirement age in Germany again? I am not suggesting that the Germans are all warm and fuzzy, but surely to blame them for all Europe's problems is a bit nuts.

You're wrong and I have already explained why...

Who knows? More importantly, who cares... Doesn't change the fundamental fact that sov CDS is a sh1t product and shouldn't be touched with a 10ft pole.

There's been a lot of ink spilled on the subject. It can be discussed ad nauseam.

Yes, hence see what I have mentioned above. Specifically, it's not about the leverage in this case, but rather about the embedded liquidity option.

It's just sort of the mechanics of the curve... You have the ECB on hold, but with the mkt expecting cuts in the near future. That means that the curve looks very flat initially, but then prices a very steep "rebound". It's the sort of curve shape that results in a macro environment where the...

Would be happy to...

Well, have you seen German GDP recently?