Word: sovereign
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Dates: during 2010-2019
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...weakness later in 2010, will there be a premium on safety, like Treasury bonds and notes? I'd be careful about this continuing assumption that U.S. Treasuries are the place to go. There are a number of reasons to have doubts about Treasuries, not just because of America's sovereign risk but also from the standpoint of an overowned currency [the dollar]. Add on to those concerns the comments from Chinese authorities and others. They haven't said they're up to their neck in Treasuries, but you know they're getting close. (See questions and answers about retirement...
...Will Rogers quote about being more concerned about the return of your money, but you also have to be concerned about the return on your money, and there's nothing [being paid] by cash and Treasury bills. At Pimco we would probably try and substitute for our Treasuries with sovereign bonds of potentially higher quality. Germany looks interesting to us. Germany has problems, but it's in a much better budget situation than the U.S. because of a constitutional amendment three months ago that forces a balanced budget in four years. (See pictures of the stock-market crash...