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The United States, the world's giant, once confidently sat on the world's largest economy and a strong international position. However, the recent situation has been a surprise. More than 110 countries have reduced their holdings of U.S. Treasuries, which is undoubtedly a heavy blow to the United States. The United States thought that the financial crisis had passed, but it did not expect that an even bigger crisis was approaching and that it might lead to the collapse of the US Union.
Just a few years ago, some parts of the United States, such as Texas and California, had been discussing the possibility of an independence referendum, and the world dismissed it as an unrealistic farce. Now, however, things have changed dramatically, with Texas holding a referendum in November and, strikingly, the state's government departments mostly supporting independence.
Why is this the case? The reason is simple: Texas is the richest state in the United States, accounting for about 20% of the country's GDP and providing nutrients for many Americans. However, this prosperity also displeased the residents of Texas, who believed that independence would give them a better life, and demanded the restoration of the former Lone Star Republic. After years of struggle, this referendum is likely to pass.
Although the U.S. government will most likely not let Texas become independent, the United States has always flaunted the idea of democracy, which makes Texas' independence possible. The situation sparked global panic, because if Texas became independent, other wealthy states could follow suit, which would greatly increase the risk of the disintegration of the United States.
The United States is not only at risk of disintegration at home, but also saddled with billions of dollars in international debt. This has led countries to dump U.S. Treasuries in hopes of hedging potential risks. More than 100 countries are selling U.S. Treasuries, making the U.S. government anxious, and if it continues, the U.S. government may have to shut down again.
At present, some members of Congress have proposed to ban foreign countries from reducing their holdings of US Treasuries for six months, in order to wait for the results of the Texas referendum and stabilize the situation before reducing their holdings. However, such a move has also raised global concerns, because if it is taken, the rest of the world may rush back home the gold stored on Wall Street, which would be a fatal blow to the US financial system.
This situation has further exacerbated concerns about the United States, which has reduced its holdings of US Treasuries on an unprecedented scale and intensity worldwide. China, one of them, holds more than $700 billion in U.S. Treasuries and more than 600 tons of Wall Street's gold reserves, and has begun to actively respond to potential crises in case of unexpected needs.
Taken together, the United States is facing enormous challenges, not only with the risk of disintegration at home, but also with the international debt problem, which has led to a growing distrust of countries around the world. At this time of uncertainty, the U.S. government needs to respond cautiously to avoid a collapse of the global financial system, or the consequences would be dire. In the days ahead, we will continue to closely monitor the development of this situation and hope to see the United States emerge from this difficult situation and regain its leadership in the world.
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