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The USD is not their legal tender so..

And the greeks picked up the phone http://www.nytimes.com/2010/04/16/business/global/16escudo.html?ref=business In a statement, Dominique Strauss Kahn, the managing director of the I.M.F., said that he would send a team of experts to Athens on Monday to “begin discussions” with Greek...

PPD down 11%, little liquidity

Resembles Jeff Skilling resigning from Enron before the collapse. Looks like the SEC is on the case, these guys are finished IMO, its only a matter of time, could be 1 month or 5 years

He should have done like Letterman, not made a big deal out of it

If they said anything else they would be fired. I'd be shocked if this doesnt get voted down in some countries

There you go, the countries who bailed out Greece currently dont have the legal authority to lend funds. Will have to seek it in their parliaments and congress http://www.bloomberg.com/apps/news?pid=20601087&sid=apGz8o99KTPE&pos=2 If the greek bond market were crash big time, they would have...

I would just point out that Japan had the benefit of global real interest rates in gov debt going down during their deflation, while the US will probably see global real rates up if this is the beginning of a GSD crisis. This makes the trade less attractive, and I'm not saying it wont work, as I...

As of April 05 "Credit standards remained generally unchanged across the nation, while credit quality was mixed. New York, Cleveland and Kansas City reported tighter lending standards for commercial mortgages. In Atlanta several business contacts reported difficulty getting credit. Dallas and...

I'd lay 1000-1 that Obama wont set himself on fire in the next 6 months. My risk reward is terrible, but I'm pretty sure my expectation is excellent

Risk reward is an overrated concept. All I care about is my expectation, I'm not afraid of running an insurance business as a long it makes me rich

SS was invented in the 30's. US is like Lehman repo 105's today in steroids, around $50T in hidden debts, you just never know when the market will wake up. A GSD crisis certaintly wont help in the regard

The US 30's had a lower debt to GDP ratio at the start of the process, furthermore it had a massive deflation that is unlikely to be repeated. I dont have data on this but I would not be surprised if the global real rates went up during that period given that the banking crisis was followed by a...

Chanos on Rose http://www.charlierose.com/view/interview/10960 He makes a great point when he addresses the Jim Rogers of the world who seem to think the government of China will take care of everything and defuse the bubble

I'm not sure how can one be wildly bullish on longer-term USTs like Rosenberg is, maybe they are a good buy maybe they are not, its not the easiest call to make What is a sovereign debt crisis?It would be a period where deficits and outstanding debt data(namely default risk) takes over other...

One could argue that this global sovereign debt crisis will put an end to the decline in global real interest rates that started in the 1980's. So even IF there are disinflationary/deflationary pressures in a certain country, that does not necessarily mean that the gov debt is a good buy because...

There is no free lunch here, the banks lose money and lend less, small business wont hire and the job crisis continues

Rosenberg has a breakdown of the correlation between fed policy, inflation and deficits. Says deficits sort of dont matter. The problem is that at some point they WILL matter, the US congress simply will not deal with large fiscal imbalances(like the $50T of hidden debts) unless there is a...

Peter Boone and Simon Johnson lastest http://baselinescenario.com/2010/04/11/greece-saved-for-now-is-portugal-is-next/#more-7137 "The danger for private debt holders is clear: Sovereign loans invariably treated better in a restructuring than private debt. So the European aid in some sense...

I have no strong opinion on longer-term rates. Rosenberg says that he looked at correlation between deficits/inflation and rates and inflation is the main thing and deficits arent a big deal. What he is missing is the same thing the folks that look at post WW2 US recessions and think this time...