1. Global Economic Watch International Finance December 31, 2009

2. Auction http://www.treasurydirect.gov/instit/annceresult/press/preanre/2009/R_20091230_2.pdf

3. I.O.U.s http://www.treas.gov/offices/management/dcfo/accountability-reports/2009-par/09AFR_Treasury_Tagged_07.pdf

4. Public Debt

5. External Debt

6. Foreign Purchases http://www.treas.gov/press/releases/tg443.htm The U.S. Department of the Treasury today released Treasury International Capital (TIC) data for October 2009. Net foreign purchases of long- term securities were $20.7 billion. Net foreign purchases of long-term U.S. securities were $43.4 billion. Of this, net purchases by private foreign investors were $28.8 billion, and net purchases by foreign official institutions were $14.6 billion.

7. Discussion How does the Treasury finance its borrowing? How are interest rates on Treasury notes determined? Why U.S. interest rates may be higher next year?