The United States is counterfeiting money

 

The United States is counterfeiting money

The claim that $9.2 trillion of U.S. debt has been “successfully refinanced” does not withstand serious scrutiny.

At current yields of 1%–3%, U.S. Treasury bonds do not even cover inflation, let alone offer a real return. Under such conditions, no rational investor—state or private—would voluntarily absorb trillions of dollars of long-term debt while knowingly locking in real losses.

Critically, there is no credible evidence that traditional foreign buyers have stepped in at this scale.
There are no verifiable purchases from China, Russia, Japan, or any major sovereign holder approaching anything close to $9.2 trillion. On the contrary, public data shows many of these countries have reduced, not expanded, their exposure to U.S. Treasuries.

Instead, the narrative relies on vague references to financial entities registered in jurisdictions such as the Cayman Islands or the Bahamas—locations well known for opacity, special-purpose vehicles, and custodial pass-throughs. These structures do not represent independent sources of real capital, but rather accounting mechanisms that obscure the true buyer.

This strongly suggests that the refinancing has not occurred through genuine market demand, but through internal monetization—that is, some form of quantitative easing or balance-sheet recycling in which the Federal Reserve or affiliated institutions effectively purchase the debt themselves. That is counterfeiting. 

While labeled as “liquidity support” or “market stabilization,” the economic reality is straightforward:
new money is created to absorb unsold debt, allowing the government to claim refinancing success while silently expanding the monetary base.

This practice is not neutral. It dilutes the dollar, transfers inflationary costs to the public, and creates the illusion of demand where none exists. The result is a fragile system sustained by narrative management rather than fundamentals—one that depends on distraction, delay, and public confusion.

In short, if no nation is buying the bonds, and real yields are negative, then the debt has not been refinanced in any meaningful market sense. It has merely been monetized and concealed.