AS THE EMPIRE CRUMBLES: AMERICA’S CHEAP DOLLAR PROBLEM
ON 9 SEPTEMBER 2004, FOREIGN PURCHASERS OF U.S. TREASURY BONDS failed to show for a routine auction. And as reporte by Los Angeles Times‘ David Streitfeld: “Thoughts of panic flickered out there,” said Sadakichi Robbins, head of global fixed-income trading at Bank Julius Baer.