Zerohedge – the anti-Fed, libertarian, gold-standard conspiracy blog, that’s been seeing inflation and economic collapse everywhere for the last 5 years, scored a big victory lately. Or so they think.

Russians have pulled about $100bn of Treasuries that they held in custody accounts at the Fed. To me, and to any reasonable person I would think, the answer for such a massive pullback is simple: they are trying to avoid the Ukraine-related asset freeze.

Not so with Zerohedge. They got the same data, too, but their conclusions are all over the place, and none mentions the most obvious one. I guess when you run a conspiracy blog, the easiest explanation for any event is always the most suspect.

So either China selling TSYs and buying EURs to make European import power
stronger, if not so much its exports (much to Draghi’s ongoing horror). Or
Russia, which may be dumping USTs to support the ruble… Or dumping just
because.

“To support the ruble”, “Just because”. Right!

And the comment section is predictably trashing the Fed and the “printing presses”.