Debt out the wazoo, but someone is still buying it.
It shot up 240% from long-run average and 500% from a year ago.
Moody’s: It “will exacerbate already material fiscal challenges on the horizon.” If unaddressed, “social tensions will continue to rise.”
But wait — these are the Boom Times!
China, Japan, other foreign investors, the Fed, US government funds? Nope.
Russia, Japan, and the Fed dumped, China hung in there…. But who bought?
Good thing Russia never held as many Treasuries as China and Japan. The scenario would have been different.
Russia, Japan, and the Fed dumped. So who bought?
Japan systematically dumps US Treasuries while China hangs on.
Half of US federal spending is unrecorded.