Adam Davidson
speaker
76 appearances
1 recordings
1 series
first heard Aug 2011
last heard Aug 2011
Adam Davidson’s voice in public audio — every appearance, attributed to the second.
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Appearances
sell all the bonds they own, which would cause a lot of chaos.
It's if they just buy a little bit less.
I guess we're quite lazy the way we sometimes talk about this.
But it's usually private organizations.
Yeah, exactly.
I
or an insurance company, some very large institution that has tens or hundreds of billions of pounds.
And you just, the main thing you want, I mean, you want to make some money, you want to earn some interest, but the main thing you want is to know that 30 years from now, there will be cash in the till.
There will still be some money there.
The safest thing you could buy is U.S.
government debt, U.S.
treasury bonds.
And so you see U.S.
treasury bonds
I would say the vast majority of banks, insurance companies, pension funds, you know, almost certainly every one of your listeners in some way or other either directly owns them through their retirement plan or indirectly.
You know, the insurance company that insures their house or the bank where they deposit their money.
the soundness of that institution is backed by US Treasury.
And that's not just for the UK.
That's probably almost everybody in the world who's in the financial system, who has a bank account, an insurance policy, a credit card, is probably just one or two steps removed from an awful lot of US government debt.
It really is the solid foundation upon which the entire global financial architecture rests.
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