Vintage Ambrose. Everyone’s an idiot but him. Love him or hate him, his column is always chock full of interesting factoids. My favorite from this one follows:
Hans Redeker, currency chief at BNP Paribas, says the US debt scare is vastly overblown. America’s total government debt is 48pc of GDP on IMF measures, compared to 57pc for Germany, 94pc for Japan and 108pc for Italy.
There is also this gem:
“We think the next phase of this crisis is going to be a repatriation story as American investors bring their money back from frontier markets. The US broker dealers were 60 times leveraged and now they need to take assets back onto dollar balance sheets.”
Maybe someone should send Hans a link to the Briefs…
