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$21 Billion 10 Year Reopening Closes At 3.735%, Record High Bid To Cover And Direct Bid Ratio, Record Low Primary Dealer Hit Rate

Yields 3.735% vs. WI of 3.744% as of 1 PM Allotted at high 70.94% Bid To Cover 3.45 is a new record , previous at 2.67, previous reopening at 3.00 Indirects 35.1% vs. Avg

From SEC Employee Rick Bookstaber "We All Know Gold Is In A Bubble"

Former Bridgewater-ite (which we hear is not doing that hot lately) Rick Bookstaber, who was recently appointed at the SEC in some risk management capacity , comes out with a truly amusing rant on why gold is in a bubble, and, not just that, but that " we all know gold is in a bubble. " Ignore the fact that all multi-billionaire hedge fund managers have been loading up, all relevant and semi-relevant pundits have been claiming that gold is gradually becoming the one alternative to fiat debasement which has recently become a global phenomenon, and ignore that even with the dollar going up, gold has defended its 1,100 an ounce price quite successfully.

Ken Rogoff On Japan’s Slow Motion Crisis

Ken Rogoff, in a great summary piece, recaps practically every point presented previously by Dylan Grice , in discussing why Japan is in a very sad economic state and about to get much worse. For all you JGB fans - read this and buy Japan's deflationary blue light specials at your own peril.

DXY Hits 81.2, Euro Tumbles – Back To June 2009 Levels

The DXY just hit a nine month high at 81.20. The euro tumble is accelerating and was at 1.3468 last.

You Knew This Was Coming- It’s Like a Witch Hunt, But With More Toyotas and Less Broom Sticks

Tag, and Toyota's it.

Rosenberg’s Musings On The Global Bailout And Other Things

Rosie's latest (via Gluskin Sheff ) indicates an increasing skepticism with the Eurozone, and with a world generally still enamored with the bailout mentality: The intense risk aversion of the past week is fading somewhat with global equities rallying. Asian equity markets are up for the second day in a row (+0.3%) and European bourses love the bailout chatter

Some More Perspectives On This Weekend’s Secretive Banker Meeting In Sydney

One of the less-reported events this weekend was the not so secret central banker meeting that is taking place in Sidney Australia. Now that factual details are finally emerging it is appropriate to collect some information tidbits about this shindig which has some claiming is reminiscent of a modern day version of the Jekyll Island meeting.

Guest Post: Cycle Logical Issues?

Submitted by Contrary Investor , one of our favorite no nonsense sites. Readers who want to get a premium subscription and mention Zero Hedge should get a discount on membership rates.

PIMCO Discusses The Failed Keynesian Japanese Anti-Deflation Experiment; Implications For The U.S.

Paul McCulley discusses the failed Japanese inflation experiment , and the ongoing 3rd decade of deflation, which has destroyed over 70% of the Nikkei's value. The reason proposed by the Pimco Managing Director for this 30-year ongoing weakness: an inability to fight the "liquidity trap" with sufficiently forceful measures

The Art of Horology, Katana, & Seiko’s Cutting Edge- Ananta.

Mechanical watches are a funny thing.Their functions and relevance, particularly in today's cellular device-based, digital life are diminishing yet their popularity has failed to wane or fade in recent years.