Hello tippet, I had a general idea that Asian holding of reserve currencies were large, growing, and mostly still in USD, waiting to stampede out as a crazed group; central bankers in Asia do not make good financial managers, as they do not make good metal traders in Europe or economic mangers in the US. Here are some specifics:
imf.org
Japan, October 2002, USD 461 billion
www1.oecd.org
China, as of June 2002, is at USD 262 billion
Article on China reserve management
Message 17770787
Or how the Yuan will embrace the USD
taipeitimes.com
Taiwan, USD 120 billion
imf.org
Hong Kong, as of October 2002, is at USD 109 billion
www1.oecd.org
Korea, September, USD 116 billion
imf.org
Singapore, October 2002, USD 81 billion
bondmarkets.com
Foreign ownership of US treasuries, 2002 estimate at 34+%
sbaer.uca.edu
Foreign ownership of US treasuries, why it is supposedly not a problem, because it can be inflated away …
[EDIT: the article misses the crucial point, and that is the attempt at inflating out of foreign debt will kill domestic holders of all debt, ie pension plans, insurance companies, mutual funds, and oh, even J6P. Argentina’s approach of confiscation is a better way.
In either case, when the foreigners run, rich domestics follow, financial chaos stay, and economic disaster wakeup]
Chugs, Jay |
