bills, bonds and notes sold by investors who did not want to hold them this close to the possibility of default. a one month, a three month, three-month t bills were being sold. we've never seen that before where short-term debt instruments have dumped because investors feared they were unsafe to hold. that was a very big statement and something that people should pay attention to for future debates. because if they ever start dumping real amounts of short-term t bills, the safest debt that's out there guaranteed by the full faith and credit of the u.s. government, that is a major, major problem. >> guys, i just want to show the green arrows across the board so everybody can drink that in exactly where we are. jared, go ahead with your point. >> two points on ron's, i think, very interesting analysis there. first of all, what happens in global economic markets when there is some kind of a shock or when people are worried, investors get worried about something going badly? they invest in the dollar, they invest in u.s. treasuries which