Money is rushing from across the globe to dive into short term Treasuries. Two reasons: no one knows what else to trust and everyone wants flexibility to get into something better downt the road. The dollar is going up.

Short term treasuries are being bought, but not being delivered. What you might be seeing is the decision to buy up equities instead of treasuries that you can’t take possession of anyway.

I think the forces at work here are the consequences of cultural decay absolutely dwarf politics. We’ve borrowed and spent and partied and abandoned discipline, both moral and fiscal and the bills are coming due.