"Needless to say banks from around the world are repatriating dollars. The question is what they are converting the USD into, and how much longer will the dump go on for: the last thing the US can afford is a wholesale dumping of its Treasurys. Because as the chart below vividly demonstrates, the traditional diagonal rise in foreign holdings of US paper has not only pleateaued, but it is in fact declining: a first in the history of the post-globalization world."

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