I will check it out.

Thanks.

JJJ

I know you are a big fan of 60s and 70s rock, so I’d thought I’d pass a tip along.

Jade Warrior, an old obscure 70s band, a progressive type featuring quite flute passages interrupted with killer guitar, just reunited and put out a new album called “Now”.

The whole album is pretty good, but the the tune “Lost Boys” is the most addictive tune I’ve heard this decade.

Something to do to fight bond boredom.

I have to say one thing. If one would say that purchase of defacto gov securities that are “off the run” from money created ex nihilo is NOT monetizing US debt. And you can say this because it went to someone’s bond portfolio before the FED traded created dollars for it.

THEN how can we now say that purchase of current “on the run” issues is also NOT monetizing debt?

Because it did hit someone’s bond portfolio for at least a day or two?

We can all agree that the FED directly purchasing gov debt from ex nihilo money IS monetizing debt. But somehow a fiction of some other buyer holding the debt for a microsecond before repurchase has the power to defy disbelief.

We appear to be on a journey between two poles John. On one pole we have markets where debt is bought and sold by the market and the markets function. On the other pole is where the market does not function and the Government is the purchaser of all.

There is no other way to read this “on the run” purchase as one more step to the pole of market collapse.

Cute terms like buying “on the run” for more “liquidity” is nonsense. If the FED wanted to buy in the 2, 5, 10 year range “off the run” all they have to do is BID ENOUGH. All this “injecting” money in the curve stupidity is now being shown for the lie it was.

What is left of Mr. Market is screaming that rates are headed DOWN in the future. Meanwhile the FED attempts to stave of ruin for another day by making sure Fannie sells her debt.

You seem to be ignoring the elephant in the room.