Earlier this morning, we discussed the failure of dissertations on the yen-carry trade, namely the one in yesterday's Journal, in that they failed to get Carney some ladies. Who knew that financial ennui wouldn't turn people on? Apparently, not us. We remained upset about this for the remainder of the morning when, suddenly, like an Ass-Bestowing Fairy Godmother, The Street's Daniel Harrison came along to save the day, with the most titillating yen carry trade article to date (though one might remember that in the land of the blind, the one-eyed man is king). He writes:
"The main problem in China is that their economy is overheating and posing serious concern to the authorities," says a research note issued by J.M. Finn in London. "Speculation is rife, bank lending often irresponsible and it is estimated that 90,000 stock dealing accounts are opened daily. These are not everyday Western economic conditions. In addition, China is facing a colossal level of fixed-asset investment, nearly 50% of GDP in 2006."
You can practically taste the STDs that resulted from the irresponsible decision to forgo prophylactics, can you not?
(Also: great headline, you old scallywag)
Probing the Carry Trade [thestreet .com]