About the one year

It seems to me, if one invests in the one year, rolls it over, then you are starting to earn the PE ratio for the market.

Your price paid is a bit less than one year, in units of time.  The market should top, there will be more segments of the holders who call 'timeout' for a year, and go profit taking. This segment sees a 50/50 binary option of profiting in the market over any yearly sequence.

In three years I will being saying, "Why isn't Treasury jumping on the one year, it being so low after another down turn". I could, sort of automate the blog if we maintained the typical sequence.  But we cannot maintain the same sequence, that is the point of the CBO chart going exponential. Th small discretionary programs are under severe existential risk given that interest payments approach 3% of real GDP,our limit.