> Insofar as "where the money goes," the sovereign bond market is huge, and if the milkshake theory is to be believed, finding and alternative is just a coordin

> Insofar as "where the money goes," the sovereign bond market is huge, and if the milkshake theory is to be believed, finding and alternative is just a coordination problem that could be effectively solved by a few large actors. If I have trillions of Treasuries then it's gonna be hard for me to move them to basically any other sovereign bond market. The only one that even conceptually works is the euro, but that's split across multiple sovereigns.