I know I have posted about the US debt and how we are still in trouble...and I still believe every word of it. But here is a good prespective on why people are still running to US treasury bonds when things get iffy.
If you want to be in 'safe' government bonds (G7), the US is still one of the best...for now.
Here is the same type of view which may explain why emerging currency has been doing rather well...

Thanks to www.BespokeInvest.com for the images