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A collapse of the banking system, the demise of the U.S. dollar as the reserve currency, another oil shock, a new round of junk-bond defaults and a meltdown in Japan’s bond market were among the doomsday scenarios explored by hedge-fund managers at a conference in Las Vegas Thursday.
Asian common currency
China may create a common currency in Asia, part of a shift away from the U.S. dollar as the world’s reserve currency, Karthik Sankaran of currency-trading hedge fund firm Covepoint Capital Advisors said at the conference.
“The rest of the world is getting increasingly concerned about the willingness of the U.S. to maintain the dollar as a reserve currency and a store of value,” he remarked.
Leon Cooperman is one of the smartest hedge fund guys out there, but he faces the same dilemma as all of his colleagues and for that matter everyone else with money to invest.
That is, there’s a definite feeling of danger to come, but no one’s quite sure what’s going to trigger it and when it’s going to happen.
“People are scared. They don’t know what to do,” Cooperman said. “We all know we’re kicking the can down the road. We don’t know when it will hit. (Until then) equities are the best value in a bad neighborhood.”