are GOFO rates signalling a default at LBMA?

[Large Sarge]

http://networkedblogs.com/OqGzv

[gunDriller]

i think the GOFO rates are definitely signalling something, just as the collapse in Washington Mutual stock exactly tracked the progress of the credit crisis, before it ceased to exist on September 25, 2008.

September 18 was when the Dow dropped what seemed like a huge amount, 8% or 9%.


but what the negative GOFO rates are signalling - i don't know.