The real measure of fear: US Treasury bills sold at zero %

Just in case you were wondering if the Credit Crunch was over and trust in global financial systems was returning, it's worth looking at what happened in the US Treasury's auction of 4 week Treasury bills overnight. The Treasury sold US$30 billion of these bills in an auction at zero % (yes nothing) for the first time ever, according to Bloomberg.  That says investors are so fearful about leaving their money in a bank or some sort of commercial paper for the four weeks over Christmas and New Year that they are prepared to accept no interest. Maybe the US Treasury should charge to look after the money in the next auction.