The massive and unprecedented amount of debt being issued by the Treasury Department, and the relatively finite amount of savings in the world, has left the country vulnerable to a currency crisis. The place where evidence of this crisis might first turn up is in the treasury bond market.

That evidence might have happened in the last two weeks.

Just last week a treasury auction of 5-year bonds nearly failed.

but for the primary dealers the bid-to-cover was less than one, meaning that some of the issue would have been left on the table.

That's a fail; but for the primary dealers the issue would not have subscribed.