news
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I will continue my BDS America campaign and discourage purchasing of US toxic debt and weapons.
The debt are bought by banks because every time the government spends (creates new money), it also creates reserves in the banking system. The banks then use the new reserves to buy treasuries, which act to drain excess reserves in the system (because of interest rate targeting, otherwise you can just let the reserves build up in the system without doing anything, and not issuing new treasury bonds at all. It is a policy choice.).
The rest of it is bought by citizens and non-citizens alike who have accumulated dollars but don’t know where else to spend them (e.g. foreign central banks). Therefore the treasury bonds also act to drain the excess dollars the US has spent overseas (dollar recycling).
The only real way for the US to lose its financial hegemony is if there is another country (you know who) willing to step up and become the net deficit spending country to absorb all the surplus export capacities in the world.
Otherwise exporting economies will always have surplus goods to sell and the trade flow will inevitably lead the goods to be sold to the country willing to run a deficit. If not, workers will lose their jobs and hurt the local economy of the exporting country.