From: Laurie Cameron To: Jeffrey Epstein <[email protected]> Subject: 20 Sept 2013 position Date: Sun, 22 Sep 2013 15:57:33 +0000 > Agreed. My first thought when Fed did nothing to change its bond purchases is that the fed or the govt wld consider tapering irresponsible before a budget was passed and debt ceiling raised. I worried that one of the Fed's motivations to not steal the stage was exactly this -- keep the money flowing until the budget is passed and debt ceiling is raised. If for some reason the House digs their heals in on Obamacare and a resolution can't be agreed upon by Oct 1 debt default would be a disaster ( in the short term Especially) for Financisl markets and the economy. Singapore, Switzerland, Norway (and Jgbs) wld be knee jerk beneficiaries as wld gold and short spx options. My juggle this week will be to get DB trading (and pricing) started. Any position modifications shld be priced there for now. Am motivated to close JPM risk as soon as possible. Thank you for reserving comment. I promise that I can imagine what comments wld be. Many wishes of good health in the meantime On Sun, Sep 22, 2013 at 9:38 AM, Jeffrey Epstein <[email protected]> wrote: we have to deal with the lilihood of a us debt default positon. run to safetly? No need to express my reaction so far. On Fri, Sep 20, 2013 at 11:51 PM, Laurie Cameron 5 > wrote: Hi It has indeed been a long week. Even though the FOMC did what they told us they would do (begin tapering when unemployment was at 7%), they had the stage and the prepared audience who would have warnly received a first gesture b the Fed as a $1O bn monthly decrease in bond purchases was priced into most markets. The immediate reaction was a sell off in the USD and I covered some short currency delta hedges that we had on and bought small AUD, NZD and GBP. It was clear by Thursday that the USD sell off was too much and I closed out the small excess long currency/short USD position.