Foreign Central Bank purchases of US Treasuries and Agency Debt (Ginnie, Freddie, and Fannie) through the NY Fed Custodial Accounts in 2008. (Thanks to Brad Setser for the graph).
“Thus, it should be understood that when pro-US figures use the term, 'rules-based international order,' they are not referring to anything analogous to the rule of law. Quite the opposite, they are using Orwellian language to describe a system in which essentially no rules can be established and/or observed, given that the dominant state has the prerogative to violate and/or rewrite “rules” at its whim.” Aaron Good, American Exception