Gaining traction looks good, page-55

It just clicked for me.

The old notes were listed in the Signapore exchange in USD, according to the CBONDS site most of the holders were major us financial firms, mutuals, bond funds et ecetera

The options are in aussie. If you short now and move the cash into USD your betting on the aussie depreciating. If the aussie goes from 78 to 70, you have a 11.4% gain - costs =10% profit, risk free. If it goes to 60, circa 30%.

And I though our cat was smart. What do I know