The Dangerous Stretch For Yield: Mrs. Watanabe Destroyed By Turkish Lira Bonds

It was not just Barclays bankers that took on the chin from Turkey's turmoil, Japan's infamous 'mom-and-pop' investors who snapped up high-yielding lira-denominated bonds "because of the yield" have been destroyed.

Thanks to the ever-present foot of the Bank of Japan on the throat of yields in Japan, small investors "reached for yield" around the world in an effort to 'safely' invest their hard-earned yen for a 'decent' return.

David Stockman's Contra Corner is the only place where mainstream delusions and cant about the Warfare State, the Bailout State, Bubble Finance and Beltway Banditry are ripped, refuted and rebuked. Subscribe now to receive David Stockman’s latest posts by email each day as well as his model portfolio, Lee Adler’s Daily Data Dive and David’s personally curated insights and analysis from leading contrarian thinkers.