>With a rigged gold market and a constantly strong dollar, J.P. Morgan Chase built up a 23 trillion dollar derivative rate position that is ON THEIR BOOKS RIGHT NOW! That unfathomable mega-position is one that cannot tolerate interest rate and general market VOLATILITY as they are SHORT volatility.
Does anyone have any idea of how you would short volatility? Would this mean short selling fixed rate interest swaps?
Also, if Henry or anyone else has article or book references for the gold market situation, I'd appreciate it.
presumably he means they couldn't stand a *rise* in the price of gold, ie fall in the dollar, because this would force Greenspan to raise rates. Wild guess I'm afraid.
Mark
- [A-List] Biznis as usual in Russia, Mark Jones Fri 21 Dec 2001, 17:08 GMT
- [A-List] Fwd: [globalization] Water privatisation in Africa: how successful is it?, Mark Jones Fri 21 Dec 2001, 17:06 GMT
- [A-List] JP Morgan's *$23tn* derivative bust?, Mark Jones Fri 21 Dec 2001, 08:34 GMT
- Re: [A-List] JP Morgan's *$23tn* derivative bust?, Christian Gregory Sun 23 Dec 2001, 00:11 GMT
- Re: [A-List] JP Morgan's *$23tn* derivative bust?, Mark Jones Sun 23 Dec 2001, 11:12 GMT
- Re: [A-List] JP Morgan's *$23tn* derivative bust?, Anne Williamson Sun 23 Dec 2001, 18:08 GMT
- Re: [A-List] JP Morgan's *$23tn* derivative bust?, Henry C.K. Liu Mon 24 Dec 2001, 06:50 GMT
- Re: [A-List] JP Morgan's *$23tn* derivative bust?, Rob Schaap Wed 26 Dec 2001, 02:45 GMT
- [A-List] Finance query, Rob Schaap Wed 26 Dec 2001, 03:35 GMT