Global investors are increasingly allergic to long-term U.S. securities, such as corporate stocks and bonds, even as they flock to highly secure T-bills.  This curious divergence reflects a deepening distrust of U.S. corporate governance in the face of a grudging acceptance that the U.S. government is still the safest bet on Earth.

It's not clear how long the world will back Team America, even as it takes issue with how it plays the game. This adds still greater urgency to the need for a  comprehensive fiscal reform agenda soon -- a fact that doesn't seem lost on the President.