The Treasury this week effortlessly raked in $64 billion by selling long-term debt, and mortgage markets stayed about the same, just under 5 percent.

The outside world may choke on our paper someday, but not when its economies are failing faster than ours. German orders for manufactured goods in January fell 38 percent from the prior year, its exports down 21 percent. China is trying domestic stimulus but lives on exports, which are dropping at a 40 percent annual pace, its trade surplus down 87 percent.

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