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The average Japanese have been living beyond their means for many years. Their day of reckoning is coming, one way or another. Just a question of whether they go gentle into that good night, so to speak.

Yes, you can pick your probabilities as much as you like. However, whereas normal blackjack is a repeated game with the same odds for every single hand, this is definitely not the case in the mkt. You have to adjust your expectations accordingly.

Anything is possible... In theory, it's possible for the ETF manager to conspire with the custodian to defraud the investor and conceal the true value of the underlying pool of assets. However, the odds of this occurring are very low. Still, like that wisest of pundits, Justin Bieber, says...

Last I heard, unlike in a casino setting, in the mkt you can't negotiate your "edge" (unless you're a liquidity provider, in which case you run a whole set of different risks)...

No, I didn't think more was needed, but Kuroda is clearly very focused on rocking the boat...

These trade mainly OTC and, even then, it's traded as USDCNH options, rather than USDCNY.

Well, you need to ask your bank if they'd be willing to offer you something like a swap or whatevers. Otherwise, you will have to roll a futures position quarterly.

You can't really do it, unless you're willing to incur all sorts of transaction costs...

Why anyone cares what Bullard says is beyond me. The guy's all over the place, he's not representative of the views of the other committee members and, most importantly, he's not a voter either this year or next.

Less exposed than what? It's the same sh1t everywhere, innit... Relatively speaking, nothing much happened to ED spreads on flash crash day.

Yes, that's correct...

Very well, let's continue to agree to disagree on this subject then...

Indeed... However, some of these things are easy to enforce, while others - not so much.

Again, you cannot logically conclude that the various measures implemented since the crisis were ineffective, since you can't argue the counterfactual. As to the statement that 6 years after the crisis we're just as "shaky", we've had this discussion before w/Maverick, if I am not mistaken...

No, it's not all right, but it is human nature...

Firstly, I didn't realise that we're now discussing the Fed. I was under the impression that we were still talking about Abenomics. I know I was... Secondly, if we do talk about QE in the US, you cannot state anything conclusive about the effects of QE unless you can argue the counterfactual...

Well, do you always know the exact consequences of every single action you perform? I know I don't...

It's not just the reverse repos that are used for window dress... Every single mkt works like that.

We're going in circles here. My point is precisely that Abenomics is supposed to be "something else".

The SEC has already voted on the new MMF regulations and they're coming into effect over the next couple of years. Thank god for that, but until it's all done and dusted, I wouldn't be an investor.