Any comments on this auction?
Investors submitted bids worth 2.08 times the amount on offer, the lowest since February 2009. A measure of foreign demand — the indirect bidder category — accounted for just 12 percent of the sale, the lowest since February 2008.
++++++++++++++
I understand the 12% bit but what’s the 2.08 business all about?
In any case my main interest here is finding out who is actually buying the $125 billion in new debt that we are creating every month. Apparently it’s not going to be the Chinese or the Japanese or the Brits.