Ok, first of all, I appreciate the restraint, but the Euro is in major trouble, and its "salvation" is probably even worse. As soon as Greece "clears", Spain, Portugal or one of the others will tank. So its a dollar world for the long-short term. Actually, I think its probably be a dollar world for the long-long term: you're a portfolio manager for a multi-billion investment fund/pension whatever, you decide that the U.S. economy is fucked-who wants to be in Treasuries? So you take your lowest risk portion of your portfolio and put it in. Oh,oh, where do you put it? (thinking going on here) In short, if you actually believe in a doomsday scenario, or anything like it, you want to have your U.S. position. Trading is trading, but portfolio managers of global invested multi-billion funds need to preserve capital over the long term, so don't get caught too short. Hard U.S. assets, low leverage.
Charles Cecil
Opin Partners, LLC
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