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bloomberg.com - 11/20/2008

Japan

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Bush Capitulates, Treasuries and GM
The Market Ticker — ... trillions of debt in order to try to bail out speculators who made bad bets - both domestic and foreign, nor are we going to promise that which cannot be delivered.  We also cannot bail out other nations who made bad bets (and investors in them) and we must make clear that this is not on our agenda now - and won't be in the future. Oh, and by the way, let's add something else for Mr. Obama: Do not even consider what is being floated in this article: "TOKYO - ...

Japanese Float Idea of the Treasury Selling Yen-Denominated Debt
naked capitalism — ... surprisingly quiet on this topic. Japan, interestingly, seems to be playing the heavy. That actually in a perverse way makes sense (and one wonders if there was some orchestration of these trial balloons with other foreign interests, particularly since Japan is trying to make nice with both the US and China). After all, if America's good buddy and military protectorate is making noises about foreign currency Treasuries, it is hard to dismiss the idea out of hand. From Asia Times (hat tip reader Chris): Japanese economists, increasingly concerned ...

‘Obama bonds’ - the new T-bills?
FT Alphaville — ... One theory is the redirection of dollars on a mass scale into the financing of emerging market economies. Both EM corporate and sovereign dollar-denominated debt issuance will increasingly be able to compete with the issuance of the US and UK treasures. While it might not absorb all the surpluses, it would certainly be enough to knock the balance. In that scenario, what could the US do? One theory doing the rounds in Japan is US foreign-currency denominated debt issuance of its own. According to the Asia Times this would incentivise flows by protecting against possible dollar ...

Contemplating CAPM
Rolfe Winkler — ... And foreigners, the source of much of our borrowed capital, already see this.  Some are growing wary of lending to us in dollars.  They may demand we borrow in their currencies: ...