Bond Vigilantes May Be Ready to Force Higher Rates

It’s no secret that China and other creditors have been very unhappy with the enormous debasing of the U.S. dollar. Their displeasure is measured not only by their words but also by the sharp decline in the portion of Global U.S. Dollar Liquidity that is made up of foreign bank holdings of U.S. Treasuries. While the current levels of around 60% are still higher than prior to the fall of 2004, the sudden drop may be telling us that the game of borrowing from foreigners may well be coming to an end.   But not only foreigners may be getting ready to…
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