Mt. Nantai doesn’t care about the rate of default on CMOs, the TED spread, bank runs, carry trades, TARPs, CDOs, PBRs or BRICs. It won’t lift the offer, hit the bid, get stuck on a downtick, or recall your short sales. Nantai has no breakeven rate of inflation to maturity, does not go limit low, and there will be no market made on Nantai 24 hours a day 7 days a week on Globex with a competitive 5 pip spread.
There will be no emergency midnight session to bail out Nantai. You will not wake up tomorrow to find Nantai down 9% at the close. Nantai will not need co-ordinated central bank action, and Nantai will not be filmed in a beauty pagent. It will not debate, field dress a moose or drill, baby, drill. Mt Nantai will not be your lender of last resort, your toxic counterparty, and you cannot see Russia from its summit.
Nantai will not orphan its bonds, it will not be change you can believe in, or be the carbomb at your checkpoint. It will not break the buck, cost $4 a gallon or go into Chapter 11. You will not take home a brand new 42″ television for getting to the top or be invited on Oprah for getting down.
Mt Nantai will not be televised..
(with apologies to Gil Scott-Heron, and indeed anyone who read through this post. It’s been a long week already)