"governments and their auxiliaries"
Spengler wonders if this is gonna leave a mark:
"American banks have reduced their loan book by US$350 billion - more than a fifth - since early 2009 and bought $300 billion of Treasury securities. Remarkably, the most aggressive buyers of US government debt during the past several months have been global banks domiciled in London and the Cayman Islands. They borrow at 20 basis points (a fifth of a percentage point) and buy Treasury securities paying 1% to 3%, depending on maturity."
Article here.
Thanks, David.
"American banks have reduced their loan book by US$350 billion - more than a fifth - since early 2009 and bought $300 billion of Treasury securities. Remarkably, the most aggressive buyers of US government debt during the past several months have been global banks domiciled in London and the Cayman Islands. They borrow at 20 basis points (a fifth of a percentage point) and buy Treasury securities paying 1% to 3%, depending on maturity."
Article here.
Thanks, David.
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