But it is exposed to other risks, especially if it confines its investments to that slice of the asset pool, US Treasury and high-grade corporate bonds, that American politicians are comfortable having foreigners own. Nominal bonds are not well hedged against inflation, and, over the long run, assets that are claims to cash without effective control are highly vulnerable to financial vultures.
一个国家的政府通过将日益增长的外汇资产投入美金证券的方式来购买政治风险保险的做法有一定的避险作用。但这种做法会面临其它的风险，特别是当这种投资局限于小部分的资产形式，即美国政客们特别愿意让外国人持有的美国国库券和高级别公司债券。名义债券对于通胀的避险功能较弱，并且长期来看，未得到有效控制的可变现资产很容易受到金融秃鹫们的攻击。审慎的外国政府和私人投资者会寻求途径使投资多元化。