In a monetary system based on debt, everyone's assets are really someone else's IOUs. In a depression no one can pay off his IOUs. To offset deflation overseas US markets are being inflated massively to keep the world solvent. The FED is continually avoiding near disaster. And bankers cannot run the printing presses nonstop without rekindling the perception of inflation.
Perception creates it's own reality.
Once the fear of inflation is ignited the whole credit bubble comes under attack and confidence is undermined. Bonds are the foundation for America's house of cards. Their entire monetary and financial system is built on a foundation of debt. All debt instruments have a maturity date in which they must either be repaid or renewed. Literally trillions of dollars of debt instruments mature each year and must be rolled over.