EUR

wow, as bad as china.

people do believe china new property tax is method to save local government from bankruptcy. government already announce this tax is only for local government. i guess next year this tax will come all over the country, and certainly will boost BMW, porsche, gucci...

catnip
in national accountability there are principle of eqilibrium
the loss in treasuries value is compensated by the uses of otc financial instruments to a extent and mostly by goods trade balance in high yield commodities countries. in the scenario of a bubble burst coupled with deflationary prices in commodities then we enter in a depression that will last some years.
the second phase of injection liquidity , ashraf will correct me if i am wrong, has been directed to inflation related products due to rising oil and natgas prices and that will continue due to increasing energy prices. when energy prices will arrive to momentum then i think that the tresury and the fund will inject massively in long curve.
watch well the component of the GBP.

excellent catnip
now u recognize that financcial market are an entropia such as heat exchange in thermodynamics reactions. it takes u months as for me.

Let me explain value at risk my preferred method, narratively.
As long as a ball sits on a plane it can be pushed in every direction without falling off.
If the ball sits on the edge of a cliff a little push does and it either falls of the cliff or rolls parallel to the edge or rolls away from the cliff.
Thus the curvedness or curvature is a measure of value at risk.
In simple terms, there is not enough money to bailout Japan or US thus the value at risk is low.
There is enough money to bailout Greece and Ireland and Portugal but this money is lost thus value at risk is high. There is not enough money to bailout Spain and Italy thus if these are in trouble value at risk sinks.
However in mathematics there are surfaces with holes. If there is not enough money to bailout
the world the value of money becomes imaginary ( it falls in the hole) and looses all of its real value.

Doesn't matter. What matters is to which degree is a debt bubble contained. You will be surprised downgrading of US debt will raise USDx.