You're missing that the T-bills are replacing exports (including services) that would otherwise have had to happen to support the imports, and that the latter e

You're missing that the T-bills are replacing exports (including services) that would otherwise have had to happen to support the imports, and that the latter employs people while the former doesn't. The benefit is to the US in aggregate but is a detriment to most US citizens, since most US citizens get their money primarily from working rather than from owning assets. But for the minority of people who mostly get their money from owning assets, this is brilliant, I agree.