[rxh4n1]

“Europe and other allies buy our Treasury debt”

Why, isn’t that generous of them. They save billions of dollars by downgrading their militaries and then turn around and lend it to us so we can pay to defend them.

[Rockingham]

Keep in mind that the US gets about $75 billion a year in earnings from seigniorage because of the dollar's role as a trade and reserve currency. Much of that comes from Europe, which, on the whole, in most countries, has a lower standard of living than that enjoyed by the US. Moreover, as much as we are justified in urging the Europeans to spend more on defense, events in the form of the Russian invasion of Ukraine are now moving NATO in the desired direction.