>Graber then likens the large holdings of US treasuries by Western Europe, Japan and Korea to a tribute system which siphons wealth from these supposed client s

>Graber then likens the large holdings of US treasuries by Western Europe, Japan and Korea to a tribute system which siphons wealth from these supposed client states to the American Empire. Doesn't it kind of keep interest rates low and create needed liquidity in the US markets? I'm a layman but to me this reminds me of how i heard it explained that the status of the dollar as reserve currency and for oil transactions, etc subsidises subsidises the perpetual american trade deficit on the back of other nations. That person also referenced north african nations trying to protect their currency pegs even tho US fiscal policy was in part leading to issues for them leading up to the arab spring. I wonder how much truth there is to that.