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Væn dig til en ny verden, investor

Investorer må vænne sig til en verden uden 'risikofri' rente, lyder det fra Financial Times-skribenten Gillian Tett i en klumme.

I pointed out in a column earlier this week that the cost of insuring the US government against default in the credit derivatives markets is now higher than for many leading companies. More specifically, data from Markit shows that no less than 70 US corporate names at present command lower credit default swap spreads than the sovereign contract (currently running at 50 basis points.) A few years ago, there were none.

Unsurprisingly, that observation prompted a flurry of e-mails: some readers suggested that this pattern simply demonstrated what a poor guide CDS prices can be; others argued that it showed instead what a poor job American politicians were doing in relation to US debt.

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