large scale cataclysm in the north american economy,

I think you meant to say global ... As most traders (world wide) use US treasuries as collateral to margin their bets, they will be taking a nice haircut on their margin. Those leveraged to the hilt will be forced to sell off. I suspect a lot of the selling across the board the last couple of days was simply to slim the margins in anticipation of what is happening.

It kind of makes you wonder what these people are thinking ... Let's just sink our country and the rest of the world (because the USD is the reserve of choicefor many countries) into oblivion becuse we don't want to pay any more taxes and we don't like the guy in charge.

BOO HOO!! ... get over yourself. The US debt will never be paid off unless they raise taxes (and drastically cut spending). Over 1/2 the total debt load (7.6 Trillion) has been spent on Defense and homeland security since september 11, 2001. The war on terrorism will be lost and all you have to do is spend a bit more money you don't have.

The sad part of the whole thing is there is enough money and wealth in the US to solve their problems and the rich will still be very rich if they make it happen.... as my grand mother always told me mom ... "just cover your eyes and think of england" ... (maybe that was for something else)

SHEESH ... kids and thier toys

by the way what's on the menu tonight ... Falafal or chow mein?