Regular commenter Kosta points us to this release of major foreign holders of US Treasuries, noting that Canadian holdings increased by a factor of six between December 2008 and December 2009 (from USD 7.8b to USD 48.3). That may be from a low base, but even if you scale the numbers by GDP - as Kosta very kindly did for us - it's still remarkable:
Country Increase in holdings:
Increase in holdings:
Per cent of 2009 GDP
Japan 142.8 2.8% Hong Kong + China 103.2 2.1% UK 169.4 7.7% Canada 40.5 3.1% Brazil 33.6 2.3% France 20.7 0.8% Switzerland 13.7 2.8% South Korea 7.9 4.0% Egypt 7.6 4.0% Australia 4.8 0.5%
The UK numbers almost certainly include transactions made for third parties.
But what is going on with the Canadian numbers? Does anyone know what happened?