The US treasury has gone from being a global force in finance and economic affairs to a laughingstock.
The US is still the largest creditor of the global economy, and yet the country’s debts to other countries are more than double those of the UK, Germany and France combined.
And now, after the US’ debt crisis of 2008-2009, the Treasury has been the target of a barrage of criticism.
It has been accused of paying out less than the average debtor in exchange for more loans and more interest payments.
In return, its bondholders have been blamed for the economic slowdown and a rise in the US dollar’s value.
What makes the situation even more difficult is that the US treasury is in the middle of a financial crisis, and it is the second-largest creditor of global economies.
The IMF has recently proposed raising its benchmark interest rate for the first time in six years, and there are signs that other central banks are preparing to do the same.
It is hard to imagine the US having to do much differently than its international rivals.
But is the Treasury really worth the wrath of its bondholder creditors?
Here are the key facts to understand.
First, how big is the US debt?
The US government owes about $1.3tn, according to the International Monetary Fund (IMF).
The Treasury has a $500bn debt, and is expected to make about $600bn in payments in the next 12 months.
The country’s gross debt is about $12tn, so the US is owed about $2tn.
US Treasury officials say that the debt is spread evenly among its 11,000 creditors, and that the money is allocated based on the value of the US economy and the country.
But the Treasury’s debt is a mix of government bonds and corporate debt, which means it is a mixture of US and global debt.
So what does that mean?
The Treasury is one of the largest creditors of global governments, according the IMF, but its liabilities also include a number of non-financial creditors.
These include companies and individuals that have issued debt, such as pension funds, state pension funds and small businesses.
For example, if the US government wants to borrow money from the International Bank for Reconstruction and Development (IBRD), the bank will have to pay interest on the debt.
The Treasury will also have to repay bonds it has issued to the bank.
These bonds can be repaid through bond sales.
The bondholders will also pay interest, as well as dividends.
The total amount of US government debt is now about $3.5tn, and the debt will continue to grow over time, because the US has to pay off more debt in the future.
Second, how much do bondholders pay on their debts?
The total value of US bonds issued by the US state, local and federal governments are about $9.6tn.
The most outstanding bonds, worth $3bn, are held by the Federal Reserve, the US central bank.
It also has the power to issue bonds, but the Treasury pays most of its interest on these bonds.
The remaining bonds, about $5.7tn, are paid out by private equity firms.
These companies are mainly hedge funds, but some are also private banks.
For instance, BlackRock, a US investment bank, owns a majority stake in the private equity firm Blackstone Group.
Blackstone is a major investor in private equity, and has a major stake in US government bonds.
Third, what do bondholder bondholders get out of it?
The interest paid on bonds issued to bondholders is known as a coupon.
The principal on a bond is called the coupon, and in order to repay it the bondholders can sell their bonds.
Bondholders also pay a portion of their profits, called a dividend, to their bondholders.
If the bondholder sells the bond, the bond is worthless and its value is reduced.
The yield on bonds is called yield, and this is why bonds with high coupon rates are favoured by bondholders, because they allow the bond to be sold later on for lower price.
So, if bondholders own 10% of the bonds in a company, the value on a 10-year bond is 20% higher than if the bonds were issued to everyone.
The treasury’s debt, therefore, is a complex mixture of bonds that are sold on to bondholder investors, and also bonds that have been issued to private equity investors and hedge funds.
The bonds of the Treasury also have a higher coupon rate than the bonds of other governments, and so bondholders are also paying more in interest.
What are the bond prices?
When you look at the US bond market, the average price of a US Treasury bond is about 16% higher at the end of the first quarter of 2019 than it was in the same quarter last year.
This reflects the higher yield paid by bond investors, which is paid to bond holders through the dividend.
The interest payments