2 reasons T-bonds have skied and possible reason to own them now... 1. Treasuries are the "last bastion against wide-area defaults". 2. Capital gain potential if due to deflation/depression T-Bond yields drop to <2%.
Just because I say what I think will happen doesn't mean I like it. If they put me in charge of the government, we'd have deflation alright. But I'd piss off most everybody by slashing government something silly and I'd be out of power before tea time. The feds with their massive debt habit cannot possibly afford deflation. And they can stop it if they wish.
if you're talking about asset price deflation then it's already happening: commodities, cars, boats, houses, stocks, and cash (in the form of interest rates). the fed hasn't stopped deflation yet.