Patrick Boyle

And the answer is that if you're a big global investor, because capital is global, right?

Like the money comes from whoever has it.

And if you're a big global investor, you're able to look at the UK and you go, you know what?

I don't like the way they're running their finances, not buying any government bonds from the UK.

And that's fine because there's plenty of other bonds to buy.

If they look at the United States and they say, well, you know, I don't like what's going on.

I'm going to put my money somewhere else.

It's like,

There is nowhere else, you know what I mean?

Because it's such a big economy.

And if you want to park your money in debt, you park it in the United States.

And to explain that even further, let's say, because people often say, well, what if China decided to take all of their money out of US bonds and put it in European bonds?

Well, you know, name another country bond.

The problem is that Europe doesn't actually borrow that much.

So if you dumped a load of money into the euro, for example, the European Central Bank would just have all of this money and go, oh, what do we do with this?

We'll buy US bonds with it.

It just works back to the United States.

And so the United States has this advantage that they are the dominant currency in the world, and they print it.

So they can get away with that.

There's no point in really leaders from other countries or other central banks that are looking at the United States and saying, we'll do what they're doing.