Source: https://bsky.app/profile/katie0martin.ft.com/post/3mcpsqmprjx25
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this post was submitted on 19 Jan 2026
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That, and the US is a fiat currency system. Treasuries are a relic of the gold standard. If no one wants to loan the US the money it itself creates out of thin air, it can simply loan itself the money. Really, just will it into existence.
Europeans can exchange their dollar holdings for other currencies or spend their dollars on US goods or dollar-denominated oil. This would weaken the dollar and make imports into the US more expensive. But it’d make US exports more competitive.
I’m always baffled how people, particularly Europeans, don’t understand fiat currency. They have ceded their sovereignty to bond market vigilantes so thoroughly they can’t even conceive of a fiat system.
This particular threat seems like a way to wishfully think their way out of a poor defensive posture. Europe, you’re being squeezed by Russia on one side, the US on the other, and China is hollowing out your manufacturing. Time to hit the gym.
This devalues the currency making it harder to import things and if no one buys your exports you'll have a very very sad economy. Printing money is possible but has very serious repercussions if you just yolo.