He argued that UK gilts are unusual because the government's ability to refinance nearly £3 trillion in public debt depends on US-based financial institutions borrowing dollars to buy British bonds, which they then use as collateral domestically.
He argued that UK gilts are unusual because the government's ability to refinance nearly £3 trillion in public debt depends on US-based financial institutions borrowing dollars to buy British bonds, which they then use as collateral domestically.
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