Some noteworthy comments:
FT Lex stays calm...
http://www.ft.com/intl/cms/s/3/6cc4efbc-c0e8-11e0-b8c2-00144feabdc0.html#axzz1UHt1Amm3
http://krugman.blogs.nytimes.com/2011/08/06/the-best-summary-of-the-sp-downgrade/
http://www.econbrowser.com/archives/2011/08/the_sp_downgrad.html
http://www.ft.com/intl/cms/s/0/7c3f7704-c012-11e0-8016-00144feabdc0.html#axzz1UHt1Amm3
and already in June 2009:
http://www.voxeu.org/index.php?q=node/3672
Monday morning US Treasury futures update. The market reacts as perversely as could be expected as the 10-year yield tumples from 2.60 to 2.50%.
2.60
Monday night: Obama says we will always be AAA (Hey teacher, leave us all alone...!) 2.55
2.50
2.45
It is true that the US can print $$$$$$$$$$$$$$$$$$$$$$$$$$$$$$...indefinitely.
Tuesday, 9th August: $ weakens against safe haven currencies (the result of the prospect of the Fed printing $$$$$$$$$$$$$$$$$$$$$$$$$$$$ - or QE3), and two statements that are noteworthy:
Paola Subacchi (Chatham) http://www.chathamhouse.org/media/comment/view/177289
Prof Willem Buiter (Citi), in a note 9th August (no hyperlink here), pronounces
The US sovereign downgrade was both expected and appropriate, in our view.
The roots of US fiscal unsustainability date back to 2001.
Absolutely safe assets no longer exist. The other AAA-rated G7 sovereigns are all at risk of a downgrade, with the markets focusing particularly on France.In the emerging Brave New World without AAA G7 sovereigns, relative safety guides portfolio allocation decisions. The ABC of the US Triple-A Downgrade and of Others to Come
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