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South Korea Stays Away From US Debt

by Chris Gilbey at 04:51PM (EST) on March 31, 2008 | Permanent Link | Cosmos

Even South Korea, the bastion of support for all things American, is keeping out of the US this time around. According to the Financial Times one of the biggest pension funds there has declined to purchase more American debt:

“It is difficult to buy more US Treasuries because the portion of our Treasury investment is already too big and Treasury yields have fallen a lot,” said Kwag Dae-hwan, head of global investments at the NPS. “We need to diversify our portfolio away from US Treasuries and we find asset-backed securities and corporate debt more attractive because of wider credit spreads.”

This is exactly what happens in the classic downward spiral that is described in the article I blogged about below. This has got a long way to go before it fully plays out. And as the vortex grows it will start to pull in a lot more people, and cause a lot more pain. Witness the closing of Melbourne based stockbroker Opes Prime last Friday... I wonder how many people lost their shirts while just playing it straight.... ?

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