It could be a boon for the US Coffers--at least according to our favorite little regulatory body: FASB.
Just a thought:
Will the US Treasury begin booking the devaluation in US treasuries as a gain, ala Jamie Dimon's comments a few weeks ago about accounting standards (banks mark-to-market profits when their bonds fall due to buy-back costs declining)? It would surely be the finest gov't accounting scandal YTD.
Maybe M2M isn't looking so bad afterall.
Disclosure: Massively short the US in multiple forms.