The New York Times has an article this week reporting on US President-elect Barack Obama's warning that there will be trillion-dollar deficits for years to come." What's that mean for the markets? The first line of recourse will be the issuance of Treasury bonds; in other words, the US government will look to borrow money, offering to pay it back with interest. The key question, though, is to what extent buyers of Treasuries will be easily found. As we have discussed previously, the very low yield on bonds coupled with the fact that the economic pains are being felt all around the world suggest one of two ... (full story)