Understanding Global Bond Markets: The Anti-capitalist Systems Wreck Bonds

Most people, when thinking about bond markets, snooze.  It isn’t the most exciting topic on earth but understanding its nature and process is life and death for all of us for we live in a government-debt/banking bond system that reaches every aspect of modern economic systems.  And these bonds have been turned into money-generating systems with the goal of enabling the creation of money out of thin air via increasing debts of various types and then using this to create more debts.


This is why, whenever the payback system falters, the entire bond system collapses not locally but all over the planet.  All it takes is one nation to go bankrupt and a slew of financial restructurings/retractions of credit ensue causing a global depression.  All the rules and systems devised in the last 100 years have been aimed at preventing exactly the sort of grinding black hole economic traps we are now in today.  That is, regulating how bonds operate, their quantity and quality plus their end uses has been a total failure because of fiscalization liberalization efforts of the elites who worked insidiously and continuously to UNDERMINE regulations and rules and systems designed to protect the value of bonds and to limit their issuance.


That is, whenever bonds are issued like mad, when crazy piles of debt are made, when promises are made that are physically impossible to ever repay or restore to zero, we get a huge credit bubble.  These bubbles are delightful affairs: no one thinks about the future, everyone collects as much debt as possible and the supply of money in circulation shoots upwards to infinity.  Then, it all mysteriously crashes to zero again.  This boom/bust cycle has been restored after nearly all restraints on the bond markets were killed.


This, in turn fuels wars, revolutions, mass exterminations of people and other hideous things, a fact ignored by greedy people seeking to create huge debts with no capital restraints.  So, in essence, capitalism has been killed by banks and government issuing too many bonds, too fast with too low taxes on the debts accruing.  This ‘new model’ of financing hasn’t changed at all after the 2008 crash.  It is still running…straight to hell, faster and faster, not slower.  Not even slightly slower.  And it is devouring real capital which is also called ‘sovereign wealth’.


Here is today’s news about how both the US and German government bonds are suddenly going up in the wake of the Greek capitulation to debt reality:  German Bond Prices Falling as Euro Crisis Eases – NYTimes.com


Peter Praet, a member of the executive board of the European Central Bank, said at the same conference that banks had been benefiting until recently from the safety status of their German bonds, which made it easier for them to satisfy regulators’ demands that the banks reduce risk.

As a sign of the bunds’ rising value on the open market last year, the yield on the 10-year bunds went from about 3.5 percent in April to as low as 1.67 percent in September. Now some of those gains are turning into losses.

“What is the potential impact of that distortion?” Mr. Praet asked.

The answer is probably that no one knows. Detailed information on banks’ current bond holdings is lacking.


HAHAHA…no one knows!!!  Look, ever since the US launched first the floating fiat currency regime (previous to this, for hundreds and hundreds of years, the premier trading currency always was based on gold and silver!) coupled with free trade, the goons running Wall Street also simultaneously created the floating fiat BOND market where they tied bonds to…commodities!


Yes, when gold and silver became commodities, so did bonds!  The first derivative swap schemes were connected to this new floating fiat bond market using the Chicago Exchange but having the operations, thanks to computer technology, operate off of Wall Street.  And guess who did this?


Goldman Sachs and JP Morgan.  Two huge powers who control the Federal Reserve which gave them the green light to do this.  The Derivatives Beast, thus born in the wake of the US dropping the gold standard, was less than a billion dollars in the first year.  Today, it is a huge monster whose size no one really knows.  Only guess.  One thing is certain: since this thing has no restrictions on growth or size, it has grown far beyond the size of all economic affairs on the entire planet.


The con game here is, bonds are supposed to be LOW RISK.  But you make no profits this way!  So the biggest banking houses invented the Derivatives Beast which would pour billions in profits every year simply by running cunning computer programs and hopes that the system doesn’t ever have to pay up on losses.  That is, the ‘swap’ going on is a fraud: whenever any major bank has to pay up on losses to other parties, they run to the Central Banks and demand to be saved and since they run the central banks, they are saved.  Imagine that!


But at a cost to the entire economies of the nations bankrolling these failed derivative deals.  The entire fiction of Greece not going bankrupt after a 50% haircut in the bonds issued is typical: this threshold was devised to prevent the triggering of ‘swaps’ in the Derivatives Beast’s belly.  So the bonds still ‘live’ and to keep this deception going, Germany had to surrender (put into service as the capital base for Greek bonds) its sovereign wealth in order to keep the entire Western banking system from collapsing when swap payments are triggered.


Greece is a fiscal mouse compared to the three Great White Whales in the bond markets: the UK, US and above all, Japan:  Banks’ Holding of Bonds Obstructs Japan’s Growth – Economy – Japan Echo Web


Meanwhile, there are also concerns that risks associated with holding government bonds are directly weakening the banking system. Although there are “home bias” phenomena for holding government bonds, Japanese banks tend to have a much higher weighting of Japanese government bonds than European banks have of European bonds. According to BIS, the ratio of the outstanding balance of domestic government bonds to their own capital exceeds 100% in Greece and Belgium, the highest levels in Europe. But the ratio for Japanese banks tops 400%.


If the rating of government bonds is downgraded, the fall in prices of government bonds will directly hit the banks’ balance sheets. Funding costs may increase, as a result of a fall in the value of collateral used for repurchasing transactions (bond lending transactions) and other financing transactions.


A fall in the value of collateral may also affect open market operations that are carried out by central banks, potentially exacerbating the credit crunch. In Japan, the share of sovereign bonds in total collateral in central bank operation is 95%, compared with approximately 15% in Europe and the United States.


The US and Japan are exact opposites in bonds: Japan owes mainly to itself and any collapse there will destroy all of Japan’s banking and finances so the government there cannot go bankrupt but is heading this way, relentlessly with a huge push from Mother Nature.  No attempt is being made to balance the budget there or tax the rich.  The system is so far outside all other systems at this point, it is amazing to watch.


Thinking that this won’t affect the entire planet’s systems is false.  For Japan buys OTHER people’s bonds in huge quantities particularly, the US.  Both Japan and China did this for years and years and between them hold over $3 trillion in US debt in their banks and government FOREX accounts.


RIETI – The Structural Causes of Japan’s “Two Lost Decades”

I looked at other graphs about Japan’s bonds today and most start off at 1990 so it looks like private savings went up while private investments went down.  Instead, this graph is the best for it shows BOTH declining since 1970!  That is, the percentage growth has declined as Japan settled into a state where wages go down, job expansion is overseas and the poverty levels of the population steadily and insidiously rises, bit by painful bit.


Private investments have always lagged behind savings since 1975 except for the bump upwards during the huge credit bubble of 1986-1989.  Note how after 1990, private investment growth fell and now is flat as are savings growth.  Also note how government deficit spending has been continuous since 1982.  And private surplus savings runs at roughly the same relative level continuously ever since the bubble crash.


The depression in Japan is profound:  Over half of 2010 spring graduates without steady jobs: gov’t report – The Mainichi Daily News


According to the new statistics, of the around 776,000 university or vocational school graduates who did not plan to go on to graduate school, around 569,000 began working in spring 2010, but 199,000 of them have since left their jobs. Adding in the 140,000 who have only had part-time or no work since graduation and the 67,000 who dropped out, and the number of students thought to be without stable employment is 406,000, or 52 percent of the total.


Furthermore, of the 350,000 high school graduates who did not plan to go on to university, while 186,000 started work in spring of 2010, 75,000 have since left their jobs. Only some 111,000, or 32 percent, have continuously held full-time positions. Those without work or with only part-time work after graduation make up 107,000. Adding in those who dropped out before graduation, some 68 percent of spring 2010 high school grads are estimated to be without regular employment.


In the US, the underclass is mainly black and Hispanic and they have similar rates of despair when it comes to a steady job and livable income.  The employment rate in Japan is deceptive.  People think there is little unemployment only due to the government’s refusal to talk about part time jobs and loss of income across the board to all workers.


In retaliation, people have had a national ‘slow down’ going on where workers try to drag out work as much as possible.  This ruins productivity and is part of the drive to move jobs to China, for example, where people work harder.  The businesses ‘fixed’ this problem by extending working hours to insane levels which, in turn, destroys families since having at least one spouse out of the home from 7am to 10 am or worse is impossible for domestic growth.


The human toll from malfunctioning bond markets is growting clearer to see in Japan and the US is aping Japan.  Driving workers into part time work, removal of work protections like the 30 hour week, driving down wages and offshoring jobs, etc. the US is also, like Japan, collecting less and less in taxes as workers fall down the wealth ladder and the rich rig the game so they are not taxed.


Sovereign Default Risk And Bank Fragility In Financially Integrated Economies is a study published by the IMF.  This is all about how nations going bankrupt is actually destroying whole nations and the present system set up by the rich has created a system whereby all of us are menaced by failure to pay bonds in case of defaults.


Patrick BoltonOlivier JeanneMarch 16, 2011

We have provided a first analysis of contagion of sovereign debt crises through an integrated banking system. At the same time, we have examined how a sovereign debt crisis in one country may be resolved by a combination of bailouts by the other countries in a union and fiscal adjustment in the distressed country. We have also highlighted the benefits and costs of joining a financially, but not fiscally, integrated union. Our framework, with one risky and one safe country, is simple enough to draw attention to some key results, but of course, too special to capture all the complexities of a crisis such as the one currently unfolding in the Euro zone. A first obvious observation is that the incentives of banks in an integrated financial system to diversify their portfolios of sovereign debt, while reducing the cost of a default for any individual financial institution, also gives rise to a risk of contagion.


This study shows the very weaknesses at the heart of modern economic thinking (sic):  Diversifying one’s portfolios is useless if ALL systems go into failure due to wild bond issuance!  A steady gold standard doesn’t stop the wild issuance of bonds, either!  NOTHING stops them EXCEPT for humans not doing it!!!  It can and does try to fly to infinity…all the time!  The only thing stopping it is when the worst debtors refuse to pay the interest on their loans.


Then it collapses and this takes down the good with the ill.  The ‘fix’ for this was the derivative INTEREST RATE SWAP game and in the derivative market, this is by far and away, the vast majority of the derivative business.  And it is the most deceptive since no one can pay up when things go badly as we saw in Europe.  Only by lying about the Greek default did things manage to avoid a total collapse.


Raiding Germany did the trick but this now endangers Germany since their sovereign wealth is bankrolling sovereign debt losses!  So…the bond markets roll warily onwards but is in the thick mud and a cliff looms ahead: when the US, Japan and UK all cease going to infinity.  Here are the IMF economists talking about exactly that:


A second, somewhat less obvious observation is that in equilibrium the safe member country supplies too little “safe haven” debt, while the risky country may supply too much risky debt. Third, financial integration leads banks to diversify their debt portfolios, and thereby create hostages in the safe country, which can be used to extract bailouts by the risky country, as we have seen in the Greek and Irish crises. Fourth, the possibility of contagious sovereign debt crises and bailouts may substantially reduce the benefits of joining a monetary union. Indeed, we have shown that the benefits of economic integration are unevenly distributed across member-countries, and that the prospect of bailouts may eliminate the benefits of integration for the safe country.


Germans are very angry and are voting against Merkel now because they know they have been conned.  They didn’t have a property bubble and saved money and worked like ants while the Mediterranean grasshoppers had fun and retired at ridiculously young ages compared to the German ants.  Now, they have to pay for everything to keep foreign and domestic bankers who bought the Greek bonds happy?


Anger is great!  The US and UK media make fun of this anger.  But imagine now, Chinese workers pissed if the US and UK pull the same dirty trick!


Many important issues remain to be explored, such as the vexing question of how an optimal stabilization mechanism should be designed, and how much fiscal integration is desirable to maximize the benefits of financial integration. Other interesting issues, which probably require a richer model to be analyzed, are the optimal form of regulation of banks in a financially integrated union, and the optimal form of coordinated intervention through bank rescues and sovereign debt bailouts. We leave these important topics for future research.

The lack of realistic restrictions on creation of credit by governments is a huge issue in the world since many countries, way too many, have decided to be sovereign debtors, not wealth nations.  Nearly ALL the sovereign wealth nations aside from Germany, China and Japan, are oil export nations like Norway or Saudi Arabia.  As the Hubbert Oil Peak bites, the wealth flowing there rises dramatically and confiscation of this wealth as we saw with Libya, is a #1 priority of NATO.


Eventually, we will attack Saudi Arabia and steal their sovereign wealth.  We have to in order to capitalize our bond markets.  For the #1 sovereign debt nation on earth is the US.


A first innovation of the sovereign debt model we propose is, thus, to introduce a role for government debt securities as collateral for interbank loans. In our model, the safer is the government debt held by the banking sector as collateral, the more investments the banking system as a whole can originate and therefore the higher will be the country’s output. With a higher output in turn, it is easier for the government to be able to service its debt with tax revenues. Our model is set up to capture in very simple terms a key feedback loop faced by governments in the recent European sovereign debt crises: a loss of credibility in government debt almost inevitably has the effect of reducing investment and output growth, thereby reducing the tax base available to service the debt. This feedback operates through the banking system in our model, but in practice it could also operate through other channels, such as reduced household wealth, confidence, and consumption, and therefore also reduced investment and overall economic activity.


And what is ‘safe’?  NOTHING.  The US can declare bankruptcy and immediately launch nuclear missiles at all its chief creditors (Japan, China, Saudi Arabia, etc.).  The output of both Japan and the US has suffered tremendously with growth in government sovereign debt.  Japan still has sovereign wealth: US DEBT.  But if that vanishes, Japan is finished.  Forever.


As for the precious models created by these tenured professors: HAHAHA…so, loss of ‘credibility’ is causing the tax base to fall?  HAHAHA…no.  NOT AT ALL.  We see in the US, the elites who run the IMF and the Bilderbergs, etc, conspiring to reduce their tax obligations over and over again and if the economy thrives, they cut their own taxes and when it suffers, they…cut taxes they pay even more.  So, the US, UK and Japan have continuous government spending deficits and  not the slightest effort is made to balance the budgets.


Indeed, we show that international financial integration can thereby bring important benefits and enhance economic activity in the union. However, this diversification benefit also gives rise to greater systemic risk, as a sovereign debt crisis in one country may now more easily spread to other countries. Contagion risk depends, of course, on how prudently member-country governments manage their debt. Under financial integration, each country is responsible for preserving the safety of the entire financial system. By prudently managing its indebtedness each country provides a public good to all the other countries that are part of the system. Whether countries will efficiently provide this public good is far from obvious.


We know from evolution that no entity ever does anything for the better good of all.  We are the The Selfish Gene. I agree with Dawkin’s evolutionary model.  Greed and self regard is the core of all living things.  But infinite greed is dangerous and stupid and this is why all systems, when there is no competition, suddenly shoot for infinity and then, destroying their own ecosystems, collapse.


This is true in any system that has any connection with reality.  Infinity is death.  A refusal to understand this basic concept lies at the heart of our financial troubles today.  For inside our deepest minds, we believe it is best to go to infinity.  All natural systems operate this way and the ‘balance of nature’ is due only to other competing entities and systems restraining the tendency to go to infinity.


The geological record is all about surges in populations and crashes.  The climate is profoundly unstable, the location of places fluid due to tectonic plate movements and acts of god happen periodically when asteroids hit, for example.


Banking isn’t immune to all this, it is very much constrained by it all.  It is a natural system in that it expresses our collective relationship with each other in profound ways.  It is a mathematical enumeration of our relative fitness vis a vis each other.  Here is a graph from the IMF study:

See where Japan sits?  It is way out there in many scales and thus, we need to study closely what is going wrong with Japan.  Holding all one’s government and personal debts has dangers just like the US doing the exact opposite is very dangerous, too.  Which brings the authors of the study to this Libra topic:

4.1 Equilibrium under Integration

We first derive the bankers’ demand for government bonds. In each country a banker is faced with a portfolio choice problem {bij} in period 0 of how much of each government’s debts to hold, where i = S, R denotes the banker’s country of residence and j = S, R the issuing country.
Bankers choose their bond portfolios so as to maximize their expected welfare, which like before is determined by the probabilities of having an investment opportunity and/or a government default. In the safe country the optimal portfolio for a banker maximizes the banker’s period-0 welfare:

The demand for bonds is determined by the four first-order conditions ∂US/∂bSS = ∂US/∂bSR = ∂UR/∂bRS = ∂U/∂bRR = 0. One can see that the first-order conditions are the same for the banks of the safe country as for those of the risky country. This is not surprising, as what differentiates the two countries is sovereign default risk, not the bankers’ objectives or constraints.


Actually, the formulas proposed by these professors are Byzantine.  Insert various numbers here and there and you get a ‘result’.  Of course, this is used mainly to maximize profits for the bond traders.  Back before the Derivatives Beast, bond traders, like myself, read the international news which is why they did this in say, NYC.  I, like them, would go to the few newsstands in Manhattan that carried foreign papers in abundance and read them all or discuss these with each other.


When this was replaced with mathematical formulas, we got one bond catastrophe after another.  The reliance on formulas leads manipulators to think they can control things this way.  But paradoxically, their controls are…TO PANIC FASTER!  Yes, they jump the gun all the time!!!


Far from removing psychology from the business, this has made it all basic animalistic responses to events.  That is, this is pure Darwinian survival which means, of course, killing off any population that goes to infinity, fast as possible.  Numbers don’t tell you what will happen next, either.


HISTORY does this and understanding history is life and death in bond markets.  But blissfully the computer number crunchers roll onwards because of course, historians all end up being Cassandra, warning about the obvious and we know from mythology, no one listens to Cassandra.


And here is a professor telling us the truth while refusing to really understand it:  Free Lunches Pushing U.S. to Insolvency, Columbia’s Mundell Says – Bloomberg.  Oh, yes, the ‘free lunch’ is a problem…only it is free because the rich want it that way!  They, the ones holding 50% of our national wealth, don’t want to pay for lunch.  They want to have more bonds!  So, we go deeper into debt no matter what we cut because every cut we make turns into tax cuts for the rich!


“The public is looking for free lunches, and the political competition for votes makes the politicians offer them free lunches,” Mundell, a professor of economics at Columbia University, said on Bloomberg Radio interview with Tom Keene and Ken Prewitt. “That’s what gets us in to the difficulties of insolvency.”


Bloomberg went to Goldman Sachs to assure the bond traders there, he is with them, not us.  And like Romney, he tossed a fortune into buying votes so he could disregard public will which forbade a third mayoralty to him.  Like all these clowns, he wants to be in power forever.  Infinity is his goddess!

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16 responses to “Understanding Global Bond Markets: The Anti-capitalist Systems Wreck Bonds

  1. JT

    I checked there are no reservations for bankers.


    I guess they kicked the can down the road 2-3 years.

  2. Joseppi

    Maybe those banksters smell rotting confidence in the bond market. Riskless buying of sovereign bonds and then selling them back to the Central Banks may be the only future bond trade.

    “Banks pulled back from making new loans to package into bonds last year as Europe’s debt crisis roiled credit markets and sent relative yields soaring. Credit Suisse Group AG is shutting its unit responsible for making loans, while the retreat has left other firms short on mortgages to pool for sale.”


  3. ‘The depression in Japan is profound: Over half of 2010 spring graduates without steady jobs: gov’t report – The Mainichi Daily News’

    Well what about USA? What percent of 18 to 29 year olds are unemployed?
    I read half of Black men are jobless.

    Any idea of how Bad it will get here? It can only get worse?

  4. melponeme_k

    I’m part of the part time worker influx. No regular jobs are available. It pays the bills for now. But I only see it getting worse as even administration work is pushed overseas. Our companies don’t care if the people answering their phones barely speak english. Their customer service lines are filled with people who aren’t fluent.

    Off topic, yet strangely on topic, I visited the MOMA today. You will find this interesting.


    Its all about suburban planning and how it has failed. Which I agree. But the solutions on hand are about pushing everyone who isn’t elite into rabbit hutches…modern day tenements. So while the rest of us are denuded of the little land we hold, we have to bite the bullet and live in dystopic, Blade Runneresque apartment buildings. The exhibit didn’t mention the elite giving up their McMansions. I suppose as we are pushed into these “new cities”, the rich will buy up our former homes and create even larger estates.

  5. JT

    @melponome k

    “Any idea of how Bad it will get here? It can only get worse?”

    We are all Japan now.
    But without anywhere to export or nothing to produce.

    I think there are only 2 routes:
    a more debt for few more years (Europe seem to be set until 2015 now)
    b depression 30’s style

    The economy is not growing in Europe or US.
    GDP numbers are BS, the economy is growing less than inflation.

    Interest rates cannot be raised, banks are zombies, companies are zombies and at some point people will be zombies with no prospects.

    Stagflation and dystopia for decades.
    That’s what I fear will happen.

  6. mike

    Bloomsburg frontrunning with insider informations new press financial paoers realy makes me envious..and his billions….now he better keep his political power to keep humself out of jail, at least he was not a penny ante piker grifter…..

  7. emsnews

    Wow! I looked at the MOMA plans and was aghast. I used to rebuild houses in South Orange and their plans for Orange, NJ, are insane!

    It looks like…Japan! Tiny spaces jumbled together with narrow spaces between buildings. The problems with the Oranges of NJ is due to the influx of black families. White families first greeted them back in the seventies but gradually, the schools became more and more disorderly and many black parents would fight with the schools rather than discipline their children.

    I had to finally take my own son out of school due to this problem.

  8. JT

    France’s Sarkozy announces plans to jail repeat visitors to extremist websites



    I guess one has to be wary where to suft nowdays.

    Elaine can you let me know if you are one day classified as extremist?
    On the other hand, in jail I would have even more time to follow the postings of the white wizard of them mountain.

  9. Being There


    The number I heard repeatedly in 2008 was $1.4 Quadrillion in what I refer to as the giant sausage making machine spread around the world. I’ll never forget seeing Carl Ichan on GPS (CNN Fareed Zakaria) saying that when they saw the numbers they were in a state of shock. He said they never saw numbers like that! Of course he wouldn’t give us a figure.

    Let’s just say our Milton Friedman idealoges claim we are a post-industrial service economy. It’s more like we nuked the industrial revolution and some are getting all the money, while the rest of us are being sucked dry. It’s the system.

    Globalism is all about everything being sliced and diced to make production cheaper for the power elite (C.Wright Mills) Our monetization is being handled in the same way.

    When is Europe going to say no to this?
    When is China and India (BRIC) going to go back to gold?

  10. billibaldi

    “Eventually, we will attack Saudi Arabia and steal their sovereign wealth. We have to in order to capitalize our bond markets. For the #1 sovereign debt nation on earth is the US.”

    Attacking Iran might lead to nuclear escalation.Attacking Saudi Arabia will lead to 100% guaranteed nuclear war. The Saudis funded the Pakistan bomb.

  11. Being There

    Well, you could say that our banksters and transnational ceos are behaving like they think there’s no tomorrow.

    Perhaps that’s why they are siphoning sovereign wealth and hoarding!

  12. EC

    “Japan still has sovereign wealth: US DEBT”

    Hmmm, debt is wealth – REALLY? All those people holding Greek IOUs must be RICH! by about 80% less than they were when they bought the bonds.

    No, true wealth is productive capacity and accumulated savings (in a stable, just monetary system and society). Even truer wealth is wisdom, health, self-reliance, knowledge, work ethic, and a supportive community.

  13. melponeme_k


    Isn’t horrible? And all this can be done because the people in the areas have no money or resources to fight special interests who would like to experiment upon them.

    All of these plans look as if they come out of nightmare Sci Fi films of the last 40 years. The models of the Oregon project look like that old miniature set from “Logan’s Run”.

    Do the architects even see the nightmare in their plans? Do they see the inequity as they desire to push powerless people into being landless serfs farming communal city gardens while the super elite expand their estates? How long before most of America will be private reserves for the super rich?

  14. Being There

    If the next stages of globalism are in full force, I imagine the top1% of the world will own a good deal of the land and infrastructure here in the ole USA

    –for us: it will be like the Indians living on reservations, occupied and colonized. We are all Indians, now.

    BP already acted like we were colonized over the oil disaster in the Gulf. We behaved and were treated like a colony of the transnational. Our clean-up crews were not allowed to wear protective masks and garb, because it wasn’t good for PR.

    Yesterday on the news (NBC) they said that the water is still dangerous for life and the dolphin population in some areas are weakening and dying off due to the exposure to oil. BUT, I’m sure you all noticed the PR driving commercials about how great and helpful BP is doing in the Gulf.

  15. JT

    @being there

    Are you absolutely sure that you are just not clinging to the old?

    Do at least the things that make economic sense.
    – heat pumps (heating and cooling) for datacenters, waste water, electricity production from cole

    There are many green things that are economically viable.
    We have already done most of them here already and spend 50% less energy per capita (most of these things we don’t even notice).

  16. Alot of interesting stuff here.

    MOMA is clueless! Well I can top that story. There recently was a ‘Status’ art buy involving a Cezanne. Whether it sold for 200M or 350M I can not remember. The buyer[s] were Arab. It topped the previous high for 1 painting by alot, maybe doubling the price paid for 1 canvas.


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