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This bit in particular sums up why US is in a panic right now
“Finding buyers for US debt is the top mission of Yellen. From a medium-and-long-term perspective, China is disposing of US debt,” it says. “Who else will buy it? Japan is the biggest creditor of the US but cannot buy more. The United Kingdom is facing an economic recession and sold $30 billion of US debt in April.”
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How is the secondary market important? If China sells us dept they sell that to other countries/companies/private people. Only when the US gives out new bonds you would need buyers.
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