Rolling, international, US sovereign default could happen before the end of August 2011.

Sunday, July 24, 2011
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US sovereign default: Wall Street quietly gets ready to exploit the Doomsday scenario
Discreetly and behind the scenes, every moneyman in America knows that the US, like Greece, is down the pan. The problem is beyond the ability of the Washington political class to solve. Rolling, international, US sovereign default could happen before the end of August 2011.

Wall Street financial firms are taking steps to reduce the risk of holding US Treasury bonds. US banks are angling for novel ways to make profits during the expected default upheaval. Hedge funds have changed gear. Many are already invested in heavy de-risking strategies. The Federal Reserve Board is in active default contingency planning mode. Scores of insurance companies, pension funds and mutual funds are coming under boardroom pressure to dump their US Treasury holdings.

In the last month, in the American financial districts, the D-words (default and downgrade) have become dominant in the lingua franca of resigned coffee shop punditry.

More here (23.07.11), here (22.07.11), here (21.07.11), here (21.07.11), here (21.07.11), here (21.07.11), here (20.07.11), here (20.07.11), here (19.07.11) and here (07.07.11).