Sat. Jan 22nd, 2022

Given the rate in the US bond market, which means no sign of real returns against rapidly rising inflation (Report,, January 3); the ever-worsening U.S. trade deficit now at unprecedented levels; the even more astonishing levels of U.S. domestic debt (public, corporate, and private); no rise in real US interest rates is expected even over the medium term; and the need for prudence in the face of growing uncertainty of real global economic growth, why is Britain still the third largest holder of US treasuries after Japan and China?

Jonathan Haslam
Emeritus Professor of the History of International Relations, University of Cambridge, UK

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