I’ve lately become a reader of Across the Curve, the blog of the bond trader John Jansen. It’s jargon-heavy — sometimes even I have to look up the terms he uses — but in a time of disordered markets (does anyone actually manage to borrow at Libor these days) it’s really helpful to have reports from a “tone and feel of the markets” guy who can tell you what the numbers can’t.

And his opening comment this morning is a shocker. After describing some of the weird action in Treasuries, he says:

Is this the beginning of the end for the dollar and the Treasury market? Is this the first sign of the bursting of the bubble in Treasury securities? That market, in a sense, represents the ultimate bubble as it exists at the whim and caprice of foreign investors, who have as participants in a Faustian bargain, financed our war(s) and our lifestyle so generously over the last decade. Maybe even that bizarre construct is crashing about us as we speak.

Maybe I should be drinking something a bit more … calming .. than coffee right now.