As Russia continues to dump them.
Zero Hedge reports:
what Zero Hedge first observed, is the country that has quietly and quite rapidly become the third largest holder of US paper: Belgium. Or rather, “Belgium”[sic] because it is quite clear that it is not the country of Begium[sic] who is engaging in this unprecedented buying spree of US paper, but some account acting through Belgian custody.
The grand total this mystery buyer has accumulated is $381 billion. To put that number in perspective, the total GDP of Belgium is around $500 billion.
Since there are no people in the world with $380 billion at their disposal, it can be assumed this is most likely a state actor. It smells like our own Fed at work.
For the uninitiated, if no one buys up US Treasuries, that leaves the Fed to pick up the slack. If the Fed doesn’t buy them, interest rates will rise. If interest rates rise even slightly, the US government will become insolvent because it will not be able to make the installment payments on the debt it owes.