May 29 Baardsen

4% treasury 10 year attractive
carry trade borrow at 20bp, get 400bp from treasuries


Jan 23 FTFM

FEar more likley breakup of Eurozone, PIIGS
Like 1920s prewar Gold STandard
Hadto bring down prices

uncompetitive
internal prices must fall
Greek tension is a reality
Default within Europe possibility

what would cause the greatest consternation
China shrinking by end of the year
dollar appreciate
gment bond markets outperform

QE not succeeding - possibility of that !?

another deflationary period
risk averse strategy pays off

shortage of dollars in world!
50 trn debt outstanding

looking not to lose money
intellectual prejudice that prevents them from going in my way

I say - the emperoro is naked