Index: src/org/python/core/PyReflectedConstructor.java
===================================================================
--- src/org/python/core/PyReflectedConstructor.java	(revision 7128)
+++ src/org/python/core/PyReflectedConstructor.java	(working copy)
@@ -203,9 +203,9 @@
     protected void constructProxy(PyObject obj, Constructor<?> ctor, Object[] args, Class<?> proxy) {
         // Do the actual constructor call
         Object jself = null;
-        ThreadState ts = Py.getThreadState();
+        PyObject previous = ThreadContext.initializingProxy.get();
+        ThreadContext.initializingProxy.set(obj);
         try {
-            ts.pushInitializingProxy(obj);
             try {
                 jself = ctor.newInstance(args);
             } catch (InvocationTargetException e) {
@@ -222,7 +222,7 @@
                 throw Py.JavaError(t);
             }
         } finally {
-            ts.popInitializingProxy();
+            ThreadContext.initializingProxy.set(previous);
         }
         obj.javaProxy = jself;
     }
Index: src/org/python/core/PyObject.java
===================================================================
--- src/org/python/core/PyObject.java	(revision 7128)
+++ src/org/python/core/PyObject.java	(working copy)
@@ -130,9 +130,9 @@
             throw Py.SystemError("Automatic proxy initialization should only occur on proxy classes");
         }
         PyProxy proxy;
-        ThreadState ts = Py.getThreadState();
+        PyObject previous = ThreadContext.initializingProxy.get();
+        ThreadContext.initializingProxy.set(this);
         try {
-            ts.pushInitializingProxy(this);
             try {
                 proxy = (PyProxy)c.newInstance();
             } catch (java.lang.InstantiationException e) {
@@ -148,7 +148,7 @@
                 throw Py.JavaError(exc);
             }
         } finally {
-            ts.popInitializingProxy();
+            ThreadContext.initializingProxy.set(previous);
         }
         if (javaProxy != null && javaProxy != proxy) {
             throw Py.TypeError("Proxy instance already initialized");
Index: src/org/python/core/ThreadState.java
===================================================================
--- src/org/python/core/ThreadState.java	(revision 7128)
+++ src/org/python/core/ThreadState.java	(working copy)
@@ -25,31 +25,8 @@
 
     public TraceFunction profilefunc;
 
-    private LinkedList<PyObject> initializingProxies;
-
     private PyDictionary compareStateDict;
 
-    public PyObject getInitializingProxy() {
-        if (initializingProxies == null) {
-            return null;
-        }
-        return initializingProxies.peek();
-    }
-
-    public void pushInitializingProxy(PyObject proxy) {
-        if (initializingProxies == null) {
-            initializingProxies = new LinkedList<PyObject>();
-        }
-        initializingProxies.addFirst(proxy);
-    }
-
-    public void popInitializingProxy() {
-        if (initializingProxies == null || initializingProxies.isEmpty()) {
-            throw Py.RuntimeError("invalid initializing proxies state");
-        }
-        initializingProxies.removeFirst();
-    }
-
     public ThreadState(Thread t, PySystemState systemState) {
         this.systemState = systemState;
         thread = t;
Index: src/org/python/core/ThreadContext.java
===================================================================
--- src/org/python/core/ThreadContext.java	(revision 0)
+++ src/org/python/core/ThreadContext.java	(revision 0)
@@ -0,0 +1,8 @@
+// Used to manage re-entrant context on the stack, as opposed to a thread-specific global state
+package org.python.core;
+
+class ThreadContext {
+    
+    static ThreadLocal<PyObject> initializingProxy = new ThreadLocal<PyObject>();
+
+}
\ No newline at end of file
Index: src/org/python/core/Py.java
===================================================================
--- src/org/python/core/Py.java	(revision 7128)
+++ src/org/python/core/Py.java	(working copy)
@@ -892,8 +892,8 @@
     {
         if (proxy._getPyInstance() != null)
             return;
-        ThreadState ts = getThreadState();
-        PyObject instance = ts.getInitializingProxy();
+        PyObject instance = ThreadContext.initializingProxy.get();
+        ThreadState ts = Py.getThreadState();
         if (instance != null) {
             if (instance.javaProxy != null) {
                 throw Py.TypeError("Proxy instance reused");