Okay, he didn't say that.
Following up on yesterday's "Dick Bove on the Debt Ceiling:"...All Stocks are Likely to Fall" (BAC; C; JPM; WFC)" FT Alphaville shows that their readers are smarter than most analysts.
The euro? Too euro-trash.
The dollar? Puh-lease.
Rochdale banking analyst Richard Bove reckons the search is on to find a new global safe haven. Because even if this US debt debacle gets sorted by lifting the ceiling, the cat’s out of the bag when it comes to the country’s place in the global financial system. Things are really about to change.
Here’s what he says:
Once some resolution is arrived at, it seems highly unlikely that the global financial system will simply settle back to the structure and functions of the pre “Great Debt Debate” era. A new configuration will emerge. Investors worldwide may actually be horrified that the only safe haven at the minute is short-term Treasuries and bank deposits backed by the FDIC. The contradictions here are enormous.
A new safe haven is needed:
Among reader suggestions:* Gold is not the answer. It is too illiquid and there is not enough of it....MORE
...E=mc^2A fine portfolio if you ask me.
whiskey in Scotland.
hermes ties ...best asset class ever - consistently go up by more than the rate of inflation....