The City of London has jumped into the breach, increasing its purchases, which in 2008 and 2009 amounted to only about $1 billion monthly, to an average of $28 billion in the first seven months of this year. Since the United Kingdom itself is a large capital importer, we can assume that the City is not holding the paper itself but merely restructuring it and then selling it to the world under a new name and with the London stamp on it.