yes, have read similar, and was having trouble understanding why on purchasing power exchange parity the Yen was getting stronger against the USD in spite of all that.
several factors - it matters as much WHO owns the debt, not simply how much, US equity companies love to buy undervalued stocks by buying the debt, then forcing a takeover and realising multiples on the dollar
it is also why the Fed Res has no problems buying more and more US debt via treasuries. The US has an insurmountable deficit for years to come. the single biggest reason for the US to take control of oil producing regions.
foreign demand for Yen has been driving the cost of Yen higher against the falling USD. maybe this will change with the 3 Libors where they are, and why the US has no problems with playing the zero interest game.
I am convinced that since 1996, the world of fair value has been skewed by irresponsible lending that has effectively manipulated prices and messed up normal P/E equity values.
sent you a blog message. not sure where to find your email addy.
