If only one thing comes out of all of this market turmoil, it should be the universal acceptance that the bond market is the primary financial market in the world. Stocks go up and down, commodities sometimes have their day, but when the bond market doesn't function properly, the whole world is affected. This isn't surprising to those of us that have toiled away in relative obscurity for years, but now everyone is forced to take notice. This should be of special importance to those that try to impose equity market-like solutions on to a vastly different bond market. That's it, nothing profound, nothing earthshattering in today's post as it is March 31st, always a strange day in the markets as it is quarter end and Japanese financial year end.
PS: To all of you working on the Presidential campaigns that have been reading this blog and incorporating some of its musings into candidate's speeches, I'd like to say that I am available for the Treasury Secretary's position regardless of who wins.
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2 comments:
Can I be assistant secretary?
sure
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