From 1971 to recently, US military spending abroad was recycled back into the US through foreign central banks purchasing Treasury securities and, more recently, through foreign private investors buying US stocks and bonds, primarily funding the US stock market which has been driven up mainly on debt.
factualpending
Speaker
Michael HudsonEvidence Quote
“From 1971 till very recently, what took the place of gold? US spent money in the foreign markets. Foreign markets were recycling this to the United States...foreign central banks bought US Treasury IOUs...foreign private investors buying US stocks, US bonds. All of this money was recycled into the US stock market that was mainly being uh driven up uh on on debt.”
Created: 8/12/2026, 5:57:21 PM
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