So in a crisis, what do folks flock to?
Why, US Treasuries, of course.
What does that tell you about the status of US debt?
That it remains the safest haven available.
And what is it that is causing the crisis?
The downgrade of the rating of US debt.
Does anyone else see a small flaw in the logic of this chain of events?
Of course US debt remains relatively the most secure form available. The market is telling us this is so as the yield diminishes.
This is so woefully silly and will end - inevitably - with S&P's rating by the markets lowered. The irony will out.
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