larry johnson is pointing out some of the empire's weak points;

You may ask, “Why are you writing on this?” The answer is simple — India, as one of the largest purchasers of US bonds in recent times, can put a hurt on the US by selling more US Treasury bills and buying more US gold. New Delhi has been among the top 20 investors in US T-bills, ahead of Saudi Arabia and Germany. Yet, starting in June 2024, India reduced its US Treasury holdings by approximately $15 billion between June 2024 and June 2025, dropping from $242 billion to $227 billion. In the same period, India increased its gold reserves by 39.22 metric tonnes, rising from 840.76 metric tonnes to 879.98 metric tonnes.

Has anything happened since June 2025 that might make India less enthusiastic about buying US T-bills? You see where I am going with this story? The level of acrimony has increased between Washington and New Delhli as a result of Donald Trump hitting India with 50% tariffs for buying Russian oil. Not only has Prime Minister Modi reportedly declined to speak with President Trump — some sources say Modi has rejected four calls from Trump in the last three weeks — but the Prime Minister announced late on Friday that he would not attend the UN General Assembly meeting next week in New York City.

This does not mean that India is certain to continue to dump US T-bills and buy gold to boost its domestic reserves, but I think that is highly likely. Here is a worst case scenario: China, along with India, decides to substantially reduce its holding of US T-bills. That would represent serious harm to the US economy and could potentially set off major stagflation — i.e., an economic condition characterized by the simultaneous occurrence of stagnant economic growth, high unemployment, and high inflation. The anemic US jobs report on Friday is a preliminary signal that the US job market is sagging. This could be an aberration, but I don’t think so. I am curious what you think............more.........