Barry, I found this article which might stimulate a bit more research. What is interesting is that a run on the Fed is getting more exposure, not in the mainstream media as they are the RA' RA' boys of the US. Even more pertinent is the comment to the article by "Bob" on the forum. As for property, nobody is saying a word about the commercial property problems in the US & apparently they are severe. This is not Joe Soaps backyard...this is the heart of Corporate America. Best property investment destinations: Beijing, Moscow, Gulf States & the Adriatic Coast...."Big Risk: Surging Debt Makes U.S. More Dependent on China, Russia, Gulf States Posted Sep 15, 2008 12:07pm EDT by Aaron Task..... The demise of Lehman Brothers, Merrill Lynch, and Bear Stearns this year has investors contemplating the long-term outlook for other once-venerable institutions, including Dow members Citigroup, AIG and Bank of America. But there's an even bigger financial institution with greater debt and an increasing level of bad loans on its books: The U.S. government. Given the actions already taken, from the Housing Bill to the nationalization of Fannie Mae and Freddie Mac, the U.S. deficit could double to $800 billion in two years, says Nouriel Roubini, of NYU's Stern School and RGE Monitor. (Even worse, the official government deficit figures exclude the costs of the wars in Iraq and Afghanistan, as well as the unfunded liabilities of Social Security and Medicare.) The big risk is that foreign holders of Treasuries will no longer accept low interest rates to help fund U.S. debt spending, says Roubini, noting countries like China, Russia and oil-producing nations in the Middle East have becoming increasingly important holders of Treasuries. Should they demand higher rates to hold U.S. debt or, worse, dump their holdings, it could have profound ramifications on the U.S. economy and the value of the dollar. Roubini further notes the Federal Reserve has put its balance sheet -- and independence -- at risk via its intimate involvement in thus-far failed attempts to stem the crisis. It's tempting to dismiss the notion of a "run" on the U.S. government as unthinkable and some bears have been warning for years, even decades, about such a worst-case scenario. But after the events of this weekend, much less the past six months, it's clear that (almost) anything is possible and no scenario too "outrageous" to seriously contemplate."..............Bob - Monday September 15, 2008 12:20PM EDTTake this a step further, these countries holding US debt can use it as leverage on foreign policy. China invades Taiwan. Middle East war involving Israel. They could easily say to the US "stay out or we dump your Treasury debt and destroy your economy". And we thought oil dependence was a national security issue."