As he says:
A low interest rate for a short term T-Bill indicates that business are just putting their money in the biggest mattress in the world (The US Government). The interest rate is currently at 0.005.… Yikes.
The world grinds to a halt..
Posted: 21st, November 2008 | In: Money Comment (1) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink
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November 21st, 2008 at 5:51 pm
It’s even worse than that:
‘We even have negative intraday yields on some trades’ according to Christoph Rieger; translated into English it means that people are paying the US Treasury to hold their money for them.
And if you want to be really scared take a look at the cost of insuring against the US Treasury itself defaulting…