“We are all agreed that your theory is crazy. The question which divides us is whether it is crazy enough to have a chance of being correct. My own feeling is that it is not crazy enough.”
― Niels Bohr
Click on any chart to engorge it
Click on any chart to engorge it
Three Month T-Bill Rate Spikes Again
The last time the 13-week discount rate jumped was mid-July, as Europe was collapsing (again) and the U.S. Government IOUs were about to be downgraded. Notice what happened to the S&P 500 (in red) shortly thereafter.
