Foreigners Send a Message: Your Debt Instruments Suck
John Galt's Shenandoah shows once again, in both text and graphs, why it should be a daily stop on your blog rounds.
Read it all, but here's my fave graf:
...What do the foreigners know that the Bubbleconomists will not admit? Perhaps it is a complete and total distrust of the United States Congress and Executive branches to reign in spending? Maybe it is the realization that the Federal Reserve will print and damned to all those who save or invest in the U.S. as long as there is no sign of economic or political unrest to threaten their throne? Or maybe it is the truth seeping out into the markets that the United States is going to have to pay a substantially higher price as we pile on program after program, stimulus after stimulus and bailout after bailout like oh, you know the UNLIMITED guarantee for Fannie Mae and Freddie Mac wheeled out after the market close on Christmas Eve while most of us were enjoying egg nog, Christmas cheer and that horribly spiked punch that I swear my cat drank and drove home like a bad kitty afterward...