From a recent column by Ambrose Evans-Pritchard:
Lars Tranberg from Danske Bank said European banks are reduced to borrowing dollar funds for "a week at a time" rather than the usual six to 12 months. "This closely resembles what happened in late 2008 . . .."
It's a run on the primary short-term funding money of the 21st Century, and T-bill yields have gone deeply south to prove it as demand for them increases: 14 day yields are at .005.
