No one has mentioned it because, for the U.S. at least, it&#x27;s not an actual advantage.<p>U.S. treasuries transact at a global volume of about $1 trillion <i>per day</i>. $100 billion is a lot of money, but not enough to create any significant leverage in negotiations with the U.S. federal government.<p>U.S. jobs and U.S. customers are far better leverage, because they vote. Cash doesn&#x27;t vote, and the Federal Reserve can create as much of it as the U.S. needs at any time.