July 4th
Happy July 4th, America
Make America Great Again – Leon Patillo with GVBC Choir
Shift Frequency © 2017 – Happy July 4th, America
Celebrating This Land Of Absurdity
M N Gordon – “Myths and legends die hard in America,” remarked Hunter S. Thompson in The Great Shark Hunt, nearly 40-years ago. Thompson didn’t likely have U.S. Treasury bonds in mind when he made this observation. Though, if he were still alive, he may find the present state of the great Treasury bond bubble to be an amusing anecdote.
Friday saw US Treasury yields plunge to record lows with 10Y breaking below 2012 lows to 1.3784%. What compels someone of sound mind and honest convictions to give their hard earned money to the government for 10-years for just a 1.38 percent yield?
Is it the myth that U.S. Treasuries are the safest – default-free – investment in the world? Is it the legend of American exceptionalism? Maybe it’s both…or maybe it’s neither.
As far as we can tell, U.S. Treasury investors suffer the same cognitive dissonance that the broad U.S. populace takes with them to the shore each July 4th as they celebrate Independence. These freedom lovers, descendants of none less than Davey Crockett, eat hotdogs and revel in their illusions of what America is. Their zeal is impressive.
Happy July 4th, America! [Video]
Lindsey Stirling performed the USA National Anthem at the Chase Field in Phoenix before the Arizona Diamondbacks vs. Philadelphia Phillies game on August 11, 2015.
SF Source Alice Tiburcio July 2016
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