What does it all mean for the stock market? Art Cashin, UBS Financial Services director of floor operations, offered CNBC his insights.

First, Cashin touched on the US dollar, which fell to a five-month low against a basket of currencies, despite this week's successful Treasurys auctions.

"I'm really concerned about the dollar," he declared. "I'm trying to figure out whether it's [the decline] due to overt market action or covert government action."

"Maybe the government is quite content to see the dollar fall. ...But there's a risk of competitive devaluations" among world governments.

Cashin took on the roller-coaster of Treasurys yield spikes and rush sales.

Although many analysts predicted a bond bubble in recent months, he scoffs at the idea that their prescience should make anyone lackadaisical about the situation:

"Just because you know something's going to happen doesn't mean you should be calm about it: 'Gee, I see that iceberg. Wow, we just hit it. I think that means the ship's going to sink.'"

"We need to fund a huge, huge deficit. And we need cooperation from outside [the U.S.] to do it."

"This is a very, very dangerous period we're going through."

More expert insights:

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CNBC's Companies in the News:

General Motors

AIG

Dell

Bank of America

JPMorgan Chase

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Disclosures:

Disclosure information was not available for Cashin or his company.

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