Just sitting here contemplating the lack of an Oscar nomination for the guy who didn’t play Christopher M. (“Chic”?) Spencer in Lincoln. It’s funny how the great innovators in weapons technology are nearly invisible during their lives, and pretty well completely disappear from history. For example, Abraham Karem currently bestrides the world like a colossus, with implications that are just beginning to unfold. Oh well, better him than me 😉
Doomers may recall that according to the Scott Reynolds Nelson calendar present time is roughly analogous to 1878, that is five years after the era’s defining Panic, and not yet well into the subsequent generational world depression. The 19th Century US was still flooded with surplus military weapons from the conflict that had ended over a decade previously, but they were being put to use in two distinct low-level wars being prosecuted in the South and West, with another beginning to brew in the North. Now in this alternative reality we don’t have the first two (although there are elements up here that seem bent this week on restarting one of them, blockade just south of Truro?), and “Tilden” is holding the White House instead of “Hayes”, but we’re still flooded with guns, if only civilian models bought at places like Walmart.
Generally speaking, if the financial ruination of America’s middle class could be avoided for, say, another twenty years this would probably be a good thing. It might even help keep all those small arms locked up safe in their cabinets. Let’s check on this week’s level of support by official foreigners for the US quasi-central bank.
The Fed’s own MBS holdings were flat, edging up just $0.021 billion, but aggregate holdings of US assets by foreign central banks popped up by nearly $10B.
This week Doom derived the NY Fed data set from a date-limited session with the Data Download Program:
Treasuries keep rising and rising, this week by $11.337 billion.
Agencies swung back to a $1.291 billion loss while Others added a loss of just $0.108 billion.
The net of US obligations managed a moderate surge, up $9.938 billion.
Twist’s ratio graphs continued down.
The Setser numbers both went higher.
Notes and References
: “Foreign central banks’ US debt holdings rise – Fed”, Reuters, January 10, 2013.