tag:blogger.com,1999:blog-3225795457407230638.post3607258646630748287..comments2024-03-28T07:36:19.697+00:00Comments on Excuse Me Whilst I Step Outside: Luxembourg? What's That About Then?CharlieMcMenaminhttp://www.blogger.com/profile/00942021756417667913noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-3225795457407230638.post-47192722156483691202009-03-15T11:42:00.000+00:002009-03-15T11:42:00.000+00:00This comment has been removed by a blog administrator.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-3225795457407230638.post-32560966534238460082009-03-14T20:06:00.000+00:002009-03-14T20:06:00.000+00:00Thanks Charlie, much clearer and I'm sure you're r...Thanks Charlie, much clearer and I'm sure you're right. Yes, the concept of the US public finances/dollar as the beneficiary of "the flight to quality" has always been a slightly odd one, given the state they're in. But these things are relative, I guess. What asset is a repository of genuine value immune to devaluation? None. Certainly not gold, which is a bigger confidence trick than any ofAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-3225795457407230638.post-3411964733535966842009-03-14T17:23:00.000+00:002009-03-14T17:23:00.000+00:00I very much doubt that there has been a direct shi...I very much doubt that there has been a direct shift of £27bn-$28bn from Brit to Luxie jurisdiction. <BR/><BR/>My guess - and its an uneducated one, I freely admit - is that the UK has had to reduce its holdings of US Treasury securities to paper over the holes in our public finances after last Sept and or simply to diversify in the light of the crisis. But Luxembourg is/has been a tax haven of CharlieMcMenaminhttps://www.blogger.com/profile/00942021756417667913noreply@blogger.comtag:blogger.com,1999:blog-3225795457407230638.post-48182693740477694512009-03-14T17:06:00.000+00:002009-03-14T17:06:00.000+00:00Charlie, let me get this right, are you saying tha...Charlie, let me get this right, are you saying that large amounts of money held as US Treasury bonds (say in the region $27bn) has been shifted from British jurisdiction to Luxembourgeois jurisdiction? Or that the British government's sovereign wealth held as US Treasury Bonds has gone down in value this year, while Luxembourg has increased its ownership of this form of wealth? Sorry for being Anonymousnoreply@blogger.com