I hadn't seen this until just now.
It put a chill down my spine.
March 11 - Bloomberg
"The risk of losses on U.S. Treasury notes exceeded German bunds for
the first time ever amid investor concern the subprime mortgage crisis
is sapping government reserves, credit-default swaps prices show.
Contracts on 10-year Treasuries traded at a record 16 basis points
earlier today, compared with 15 basis points on German government
notes... In July, U.S. credit-default swaps were at 1.6 basis points,
compared with 2.5 basis points on bunds."
http://www.bloomberg.com/apps/news?pid=20601087&sid=aq6DdBk63FC8&refer=home
Brings to mind that 80's movie 'Rollover' with Kristofferson and
Fonda, about a systemic failure in the banking system.
What if they held a Treasury auction and nobody came?
http://www.publicdebt.treas.gov/com/comhello.htm
