Source: Zero Hedge
On Monday morning, we reported that in a stunning development, chronic defaulter Argentina – which just one year ago emerged from its latest bankruptcy – has found enough willing greater fools to sell 100-year bonds to. One person who especially stunned, was Mint’s Bill Blain, who issued an entire note describing his disgust with what the market has devolved to.
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Argentina 100 Year Bonds: Really? Nobody Believes, But They Will Buy.
“Everyone should learn to Tango before they die.. ”
Markets can be a triumph of hope over reality. The news Argentina is going to launch a 100 year century bond caught my eye today.
Not much surprises me any more about markets, but really? Really!?
This appears to be a classic example of Blain’s Market Mantra No 3 – “The Markets have no memory, and neither do buyers.”
However, I expect to…
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