The money is coming probably from foreign investors. The bigger our trade deficit, the more foreigners are investing dollars. To keep their currency from appreciating, they must reinvest every dollar we send them. The more we consume, the more money comes back here to rally our bonds and stocks and Tnotes. With oil prices so high this summer, oil money is finding its way back here, so we could just be seeing the Saudis in the stock market. However, as soon as they start to lose their confidence in our stock market or economy, or anticipate a recession , or can get better or less risky returns elsewhere, the money will start leaving, and the rally in stocks/bonds/Tbills will end. Again, it’s amazing how long a bubble ran go on. I’m hoping I did not buy my bear funds too early.