Peak What? Christmastime in Hell? Part 3

Summary

• A multi part examination of the interrelationship of Oil, Energy, Commodities, BRIC's, Emerging Markets.
• Bonds, Dollar Denominated Debt, Forex Reserves, Reverse Repo, Dollar Swaps, HQLA, Monetary Aggregates, Market Liquidity.
• Syndicated Lending, CDO's, CLO's, Carry Trades, Leveraged Loans, Offshore Dollar Banking and Off Balance Sheet Obligations.

In Part 3, we examine:

• A portion of the BRIC dollar carry trade
• A very brief revisit to the 1997 and 2008 bubbles
• Currency and investment term mismatches
• The MBS AAA ABS bubble and resulting scarcity of HQLA (high quality liquid assets)

What would you do if you were Ben Bernanke or Janet Yellen? I too would be pimping Treasuries at the corner of the Eccles building while pulling double shifts at the QE bond printing press. Does it get any better? The Man, er, I mean The Fed wishes all those foreign and shadow banking institutions that need HQLA in the form of US Treasuries a Merry Christmas and Happy Holiday season.

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