It has been obvious for a long time that the US would never be able to pay back its international debt (just as US consumers will never be able to pay back their personal debt). I guess, though, I shouldn't be surprised that the US banks saw it coming too and have taken the necessary action. The news is that tipping point is expected to be at the end of this month.

The ‘monetarisation’ of the US debt is indeed a very technical term describing a catastrophically simple reality: the United States undertake not to refund their debt, or more exactly to refund it in “monkey currency”. LEAP/E2020 also anticipate that the process will accelerate at the end of March, in coincidence with the launching of the Iranian Oil Bourse, which can only precipitate the sales of US Treasury Bonds by their non-American holders. (source: Laboratoire européen d’Anticipation Politique Europe 2020 (LEAP/E2020) http://www.europe2020.org/en/section_global/150206.htm#7

In this perspective, it is useful to contemplate the following information 7: the share of the debt of the US government owned by US banks fell down to 1.7% in 2004, as opposed to 18% in 1982. In parallel, the share of this same debt owned by foreign operators went from 17% in 1982 up to 49% in 2004. .(source : Bond Market Association, Holders of Treasury Securities: Estimated Ownership of U.S. Public Debt Securities ;http://www.dailykos.com/story/2006/1/28/122315/558 )