Get Your Assets Out Of The Banks – NOW” - By Egon von Greyerz (18/6/13) PDF Print E-mail
Egon von Greyerz   
Tuesday, 18 June 2013 09:48

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Second Devastating Explosion/Social Outburst On A Worldwide Scale - By GEAB (18/6/13) PDF Print E-mail
GEAB   
Tuesday, 18 June 2013 09:40

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U.S. Treasurys are a ‘Ponzi market’: Guggenheim’s Minerd - By Ben Eisen (18/6/13) PDF Print E-mail
Ben Eisen   
Tuesday, 18 June 2013 09:38

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Bond Bubble Threatens Financial System, Bank Of England Director Warns - By Jill Treanor (17/6/13) PDF Print E-mail
Jill Treanor   
Monday, 17 June 2013 10:07

The Guardian

Andy Haldane fears the bursting of 'the biggest bond bubble in history' after electronic money printing exercises by the Bank of England and the Federal Reserve in the US.

A key Bank of England policymaker has warned of the risks to global financial stability when "the biggest bond bubble in history" bursts.

In a wide-ranging testimony to MPs, Andy Haldane, Bank of England director of financial stability, admitted the central bank's new financial policy committee is taking too long to force banks to hold more capital and appeared to criticise the bank's culture under outgoing governor Sir Mervyn King.Haldane told the Treasury select committee that the bursting of the bond bubble – created by central banks forcing down bond yields by pumping electronic money into the economy – was a risk "I feel acutely right now".

He also said banks have now put the threat of cyber attacks on the top of their the worry-list, replacing the long-running eurozone crisis.

"You can see why the financial sector would be a particularly good target for someone wanting to wreak havoc through the cyber route," Haldane said.


But he described bond markets as the main risk to financial stability. "If I were to single out what for me would be biggest risk to global financial stability right now it would be a disorderly reversion in the yields of government bonds globally." he said. There had been "shades of that" in recent weeks as government bond yields have edged higher amid talk that central banks, particularly the US Federal Reserve, will start to reduce its stimulus.

"Let's be clear. We've intentionally blown the biggest government bond bubble in history," Haldane said. "We need to be vigilant to the consequences of that bubble deflating more quickly than [we] might otherwise have wanted."



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The Worst Of The Bond-Market Bust Is Yet To Come - By Mike Larson (17/6/13) PDF Print E-mail
Mike Larson   
Monday, 17 June 2013 10:03

Money & Markets

It's been only 33 days — barely more than a month — but in that time, bonds have crashed in spectacular fashion.

Check out these stats:

•    The yield on the 10-year Treasury note, the benchmark used to price virtually every longer-term bond and fixed-rate mortgage, exploded to 2.27 percent from 1.6 percent. That's a move of almost 70 basis points, or more than 40 percent, from recent lows. To put that in perspective, that's like the Dow Jones Industrial Average surging by more than 6,000 points or gold jumping by $550 an ounce.

•    The iShares High-Yield Corporate Bond and SPDR Barclays High-Yield Bond ETFs together account for more than $24 billion in investor assets in the high-yield, or "junk," bond market. They gave up every penny of gains racked up during the past eight months in just a few weeks.

•    Or how about this: The Vanguard Total Bond Market Index (BND) is a mammoth store of bond-market value, with a whopping $117 billion in net assets. It owns more than 5,800 bonds spread across a wide range of bond sub-markets.

And you know what? It just sank to the lowest level since July 2011.

Just look at this horrid chart and you can see that the Vanguard Total Bond Market Index violated a key level of horizontal support, and an uptrend that dates back to the summer of 2009. If this were a stock, you'd already have sold it.



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