Here is the translation of the provided text into English: "There is nothing that cannot be done, only things that have not been thought of.

U.S. Treasury bonds, as the cornerstone of the United States, have unexpectedly become a burden for other countries.

For a long time, the United States has relied on global capital to purchase U.S. Treasury bonds, injecting vitality into its economy, which is one of the secrets to America's continued prosperity.

However, the current situation is unexpected.

Not only is China selling off U.S. Treasury bonds, but even the United States' allies are joining the selling ranks.

In particular, China has significantly reduced its holdings of U.S. Treasury bonds in the past two years, dropping below $800 billion, setting a new low in nearly 15 years.

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At the same time, Japan is also accelerating its sales, with the two major creditors taking simultaneous action.

Where do these sold U.S. Treasury bonds ultimately go?

Will the United States choose to follow Japan and take a similar path?

The emergence of the largest buyer of U.S. Treasury bonds was originally expected to be shared by the world, but it was surprising that the first and second largest creditors were selling instead, with the United States itself absorbing a large amount of U.S. Treasury bonds.

Is the Federal Reserve going to become the largest buyer of U.S. Treasury bonds in the United States?

We all know that U.S. Treasury bonds are equivalent to IOUs.

As the debtor, the United States exchanges these IOUs for dollars globally, thereby maintaining the economic growth of the United States.

And there was no problem with this in the past.

Because not only were the United States' IOUs useful, but they also offered high yields, and most importantly, they were safe and could circulate in the market.

If you buy a ten-year U.S. Treasury bond, the United States offers an annualized yield of 5%.

After ten years, you can redeem this IOU for principal and interest.

Even if you think it's too long, you can sell the IOU in the market.

This is the reason for the good liquidity of U.S. Treasury bonds.

Because everyone believes that the United States cannot afford to pay interest and principal.

However, things are different now because the United States really cannot afford the principal.

According to the current data from the Merrill Lynch clock, the scale of U.S. national debt has approached approximately $35.1 trillion, while the current fiscal revenue of the United States is only about $4 trillion.

This means that even if nothing changes now, the United States will take about 9 years to repay the debt.

However, is this possible?

In fact, it is not possible because the current U.S. economy is like an old lady hanging a bottle.

If you don't give her a transfusion, she might die immediately.

Moreover, in the past two years, the scale of U.S. borrowing globally has reached about $5 trillion, and this money has only driven an economic increase of about $3 trillion, which is no longer driving economic growth but putting the economy on a ventilator.

In the face of this situation, can the United States really pay interest in the future?

Moreover, in order to create a global dollar shortage and explode our and developing countries' debts, the United States has raised its interest rates to about 5.5%.

Not only are the current U.S. Treasury bonds issued at high interest rates, but past short-term debts also need to be replaced.

This means that the interest the United States will repay in the future will reach at least $1 trillion.

This has already exceeded the U.S. defense expenditure, and if you add the U.S. medical insurance expenditure, the United States is basically in a deficit.

In the face of this situation, the world is worried.

So we see that not only is China reducing its holdings of U.S. Treasury bonds, but even the United States' allies are frantically reducing them.

Japan has sold nearly $100 billion in U.S. Treasury bonds by rescuing its own market, and it can be said that U.S. Treasury bonds have gone from being a hot cake sought after by countries to a negative asset that everyone dislikes.

On the contrary, while China and others are selling U.S. Treasury bonds, the United States is buying a large amount of U.S. Treasury bonds.

According to the current data, the total amount of U.S. Treasury bonds held by foreign countries is about $8.2 trillion, which is only 23.5% of the total, while the United States has reached more than 70%.

Moreover, while China and Japan are reducing their holdings, the Federal Reserve's balance sheet reduction in the past two years has also reduced its holdings, which means that the only ones taking on U.S. debt are the American people and various pension insurance institutions.

It can be said that the United States is completely following the path of Japan.

The American people will bear all the costs, and there is no such thing as a free lunch.

The high welfare and high treatment of the United States will be repaid one day in the future, and this is the fate of the United States, as well as the price of failure.

We see that while countries are leaving the United States, the only ones who can support it are the Americans themselves.

So now, it seems that the world is extending the life of the United States, but in fact, the United States is buying with the pension funds, social security funds, and government funds of the American people.

As for the question of why the Federal Reserve doesn't buy, it is because the Federal Reserve is not the national bank of the United States but a private bank.

Will they really give everything for the United States in the face of a crisis?

I think this is a matter worth discussing.

As for whether these large funds can get their money back after buying, it is hard to say, after all, everyone sees that with the United States' next big flood of money, the purchasing power of the dollar will depreciate.

Although the U.S. Treasury bonds held can resist inflation in the short term, what about the future?

After all, the global de-dollarization will only become more intense, and the large amount of dollars overseas will return to the United States itself, while the debts of the United States overseas will disappear.

In the end, these costs will have to be borne by the American people.

As for the United States transferring risks, it can only be done when the United States is strong and the dollar is favored.

And this is the reason why the United States controls global commodities because it needs to find a target for the dollar, and it is no longer possible now.

Next, we will see the Federal Reserve's turn, and Powell has already stated that it is time for policy to change, and the wave of interest rate cuts in the United States will come again.

And we should change more dollar assets into physical assets, after all, the big devaluation of the dollar will come quickly."

Please note that this translation is done to the best of my ability to convey the meaning of the original text, and some nuances may not be perfectly captured due to the complexity and length of the content.