- American Promoter, Gamblers and Confidence Men
Do you know who is the greatest sucker? No, it is not the guy who paid $4,000 for a watermelon in Japan. This is 1,000 times worse. Clue: Lucky you and me, it is taking place in the here and now. Need another clue? How about some background music like on an elevator while you think about it? By the way this coach is going down just like our economy because of the destructive nature of the subject.
Badfinger, "Would you walk away from a fool and his money. If you want it, here it is, come and get it. But you better hurry 'cause its going fast."
It is like this quote from Alan Greenspan, "There is no other agency of government which can overrule actions that we take."
Yes. Foreign hedge funds have been buying US Treasuries and even with currency differences, they have made money until now. US yields have fallen so low that they cannot produce positive yields after returning to their native currency. Is this the harbinger of negative rates in the US? Heaven forbid!
What It All Means
We may know what they are doing, but they write the rules. Even if we had the money, the central banks and treasurer's won't allow us to participate in their auctions. This leaves the question: who really is the fool? Maybe it is us for allowing them to control our financial independence.