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Yes, they're quite liquid during London hours... Dealers hedge them with USTs normally, so there's a lot of Oz - US spreading that goes on. Don't forget that everything in Oz is backwards. They got cash-settled bond futures and physically settled STIRs.

An excerpt: "In 1975 the Chicago Board of Trade created the first interest rate futures contract, one based on Ginnie Mae (GNMA) mortgages. While the contract met with initial success, it eventually died. The CBOT resuscitated it several times, changing its structure, but it never became...

Valid points, all... Just to get the digression out of the way, I want to assure you that my money is most certainly at risk since a lion's share of my compensation is reinvested (and is governed by a clawback). I think you misunderstood my statement. I was responding to Lucrum's...

Indeed and I am happy to respond in the same friendly vein... So, generally speaking, with all due respect to Mr Santelli's achievements, I would say the following. Firstly, I don't really see the point and the validity of comparing him to myself (for a whole variety of reasons). Secondly...

Sorry, Maverick, I been busy... Would you still like me to respond to this? Would you like me to respond to this also, amico?

Sorry, I have been very busy, so haven't seen this thread of late... I do have some bets that are sorta like this, but I refuse to have anything to do with EUR here. It's too complicated of an instrument for me.

An, it's you again, my tempestuous friend... And, as usual, so wonderfully charming and pleasant.

Precisely... Most politicians are much worse than media types, whether they be American or British.

Maybe... However, not everything out there can be proved. In those cases, I tend to rely on my experience. [B] Nah, I don't necessarily disagree with him about everything. I just don't like loudmouth media types, as in my experience they often don't have much of substance to say. It's...

Well, in my personal experience, an overwhelming majority of people who "move on" are the ones that can't make it... Obviously, I cannot prove it. Firstly, I am not sure what "Obama regime" has to do with anything. Secondly, it may very well be obvious to you, but it's certainly not obvious...

Ah, I knew I should have stayed away from the P&R forum, but it pulls me back in. Serves me right...

Do you know that Santelli used to be a broker? He failed and now is a reporter... I would be careful suggesting that he actually knows what he's talking about. He's good at being emotional and ranting about stuff he doesn't like, but I doubt these are qualities that would serve a senior...

Yeah, agreed. In general, like I mentioned in an older thread, for a mature economy like the US, it would make a lot of sense to create more of an incentive to invest, rather than consume. As to trading, it's been a quiet summer, but September has been rather hectic, as you'd expect.

Yeah, this makes sense... And yes, I also think that more consumption tax, less income tax in the US makes a lot of sense.

The simplest and the clearest point is that representation without taxation leads to suboptimal economic decision-making in the allocation of common resources.

Again, I can agree with that in principle (and I like the certain antique, back-to-basics ring to it). However, there's still all sorts of questions. Like, for example, do you make this binary? Specifically, will I be able to vote if I buy a 1 sq ft patch in the desert for a few bucks and...

This is a strategy that is employed by all American politicians, regardless of the party they belong to. There's ample evidence for this.

Sure... I think we have discussed this and I wholeheartedly agree with the principle. The question for me, as I said, is how to apply the principle in a consistent way that makes sense. For example, what do you do about the elderly retirees? What do you do about the genuinely disabled (for...

For the record, there's no record of Alexander Tytler ever making this statement, so this is most likely a mis-quotation. He did have a very cynical view of democracy, to be fair, but it was a very nuanced view. For example, he also said that democracy "... is the best adapted to produce...

I think it's a very valid question, but applying this principle consistently is going to lead to some very complicated questions of "fairness" and "justice"...