When we juxtapose the inverse of the de-trended Australian currency against the de-trended long-bond fund [[TLT]], we find that the deviations from trend are very highly correlated. Finding replacements for US treasuries will be a horrendous task for all investors, and the dearth of alternatives will create ripple effects in all global capital markets for decades to come. In the search for alternatives, though, it is important to avoid confusing current yield with the real function of treasuries in a portfolio, which is to move in the opposite direction of equities during a contraction or deflationary period.