> AkademikerPension has in total 164 billion Danish crowns ($25.74 billion)
So they are moving about 0.4% of their investment.
Not pure symbolism, but $100 million is really nothing when we're talking about US treasuries. In the past decade, China has reduced their holding by about $600B.
People buy treasuries because they expect a return. If a party is threatening to get into a shooting war with you your expectations of a return drop significantly. This then causes that party to protect their investment, the last one to defect will hold the bag. The US is signalling on all wavelengths that it is no longer the safest place to stash money, long term or otherwise.
It's just a way to hedge their bets. In the larger scheme of things $100B isn't all that much (it may be to you, but even a small trading desk of a mid sized bank or multinational, say Royal Dutch Shell, or such) have access to that kind of money. They are not going to take the chance that Donald Trump on Monday morning, after eating a bad burger the night before, decides to unleash the might of the US military on their territory and be left holding the bag.
One downside of running a trade deficit with the rest of the world is that they have you by the short and curlies; if they dump your paper you will have to buy it back as fast as they can dump it to avoid a crash of your currency. That can get expensive really quickly.
Canada and Australia are low risk, but don't have the returns of the US. Brasil, Argentina, have higher risk.
The allocations get spread across different risk profiles, and the money gets spread across different investments. Of course, this is on the assumption the majority of this money stays in Treasuries. These large funds have options beyond that. It's a mathematical calculation where every asset in the world is an option. $100B can be spread around pretty easily I'd think.
Only historically. The calculus is rapidly changing. If the US can't even respect sovereign territory of friendly countries, it doesn't inspire trust that they would repay debt.
Also there are other tax havens.
IMHO.
BlackRock CEO delivers blunt warning on US national debt - https://www.thestreet.com/investing/blackrock-ceo-delivers-b... - January 18th, 2026
The U.S. Deficit Will 'Overwhelm This Country': BlackRock CEO Larry Fink - https://www.youtube.com/watch?v=D4d1GzgnhkI
Nearly 40% of Young Americans Say Political Violence Is Acceptable in Certain Circumstances, Harvard Poll Finds - https://www.thecrimson.com/article/2025/12/4/hpop-poll-polit... - December 4th, 2025
Americans say politically motivated violence is increasing, and they see many reasons why - https://www.pewresearch.org/short-reads/2025/10/23/americans... - October 23rd, 2025
Be wary of normalcy bias, it's a big part of what lets the Trump admin get away with what its doing. People think "oh that can't happen"... until it does.
The MN governor has called up their National Guard to help local law enforcement. The Pentagon is readying troops as well, presumably to help federal officials (ICE).
If both sides think they are following lawful orders, and neither side will give, what do you think will happen? (I have no answers.)
Further, there are folks that want a conflict because the West has become too decadent or something, and some conflict is needed to toughen up (?):
* https://www.theguardian.com/us-news/2026/jan/18/pentagon-ala...
* https://time.com/7347191/minnesota-army-troops-standby/
whose deputy commander is a Canadian, as a part of an exchange program:
* https://11thairbornedivision.army.mil/dcgo/
so I'm not sure how sending him to Greenland is going to work.
Depending on the details of timing of the operation and the US-Canada diplomatic situation as a result, what happens after he is relieved might not be as simple as a return to Canada, he might conceivably even end up as a POW.
There will not be civil war unless the military truly comes to assist in a Trump attempt to take power in 2028, which I think is very unlikely.
I very much hope civil war is unlikely, but the federal government is vastly undermanned if a conflict occurs on US soil.
(have four siblings who have decades in combined military tours across all service branches except the coast guard, and I leverage them as a resource collectively in these matters)
[1] https://www.fcnl.org/updates/2016-10/costs-war-numbers
[2] https://usafacts.org/answers/how-many-troops-are-in-the-us-m...
[3] https://usafacts.org/articles/how-many-people-are-in-the-us-...
Denmark and the UK (to mention just two countries) also lost men fighting alongside America in Iraq and Afghanistan.
Look how they are being repaid.
Here is a rather sobering video from a British perspective: The Prime Minister responding to JD Vance by simply reading out in Parliament, the names of British soldiers who died supporting American operations.
https://uk.news.yahoo.com/pm-honours-uk-troops-killed-123537...
Why is it that every normalizing "this is fine" commenter invariably drops into the same nonsense about "enforcing federal law" after a few short comments? The problem in Minnesota isn't that [some] federal laws are being enforced. Rather it's that federal law enforcement "officers" are abusing their immunity to work as lawless terror squads, abducting citizens and attacking protestors, backed up by a demented chief executive who has no respect for our American ideals of individual liberty or limited government.
When your material needs are satisfied then only ideological battles remain to be won.
And having lots of material stuff you have plenty to throw at the enemy.
It's already happening. People are willing to forego their material needs and harm the country and themselves to 'own' and defeat the other side.
The only hope is that the ideological wars become so scattered and around so many topics and centers of power that it's not 70m people vs. 70m people or that the ideological wars are slow that people realize that they come with a loss of quality of life and material wealth and rebalance towards the latter instead of pursuing the 'owning the other side' doctrine
Trump is the prime example , why did he decide to abandon the lifestyle afforded by his 500 million dollar net worth to pursue a job where 27% of his predecessors where shot at? Abandoning comfortable life to risk death.
Why don't rich celebrities quit after the first death threat letter, when they already have a huge bag of money?
The material wealth at the extremes is a recipe for unstable and unpredictable behavior , not for calm and collected behavior. People engage in ego battles and fall in love with their ideas and are willing to go to war for them as in a world of abundance they are the only thing that matters in order to 'win'.
The most abstract things (interest rates ring a bell) become personal because ideas about them were conceived in self reflection during the infinite hours of thinking and wondering free time afforded by material abundance, killing off ideas becomes akin to killing part of self and becomes unacceptable to the ego.
This Is true for individuals and countries alike.
So do you believe him? Let me guess: you'll pick and choose the parts
Global markets outperform the U.S. in 2025 - https://www.youtube.com/watch?v=6DERutj8lfY - December 30th, 2025
2026 Outlook: International Stocks and Economy - https://www.schwab.com/learn/story/international-stock-marke... - December 9th, 2025
(not investing advice, I am simply very curious and a degenerate gambler)
But I am sure the poster you are responding to was criticizing the take about US splintering into parts due to armed unrest within the next 5 years. Which sounds completely nonsensical to me as well.
"Fink is still a big believer in the U.S. economy and argues things are looking mostly constructive at this point. He feels the bull story is still intact, but its durability matters a lot more."
It's the human equivilent of AI slop.
I'd argue we've never been closer to civil war than we are today[0], primarily due to trumps regime invading cities around the country, kidnapping citizens utilizing a bounty program, and killing people in concentration camps.
Ediot: [0] - Since the last civil war. I thought that was obvious, but it seems like it isn't.
A new civil war that drives the US to fragment into several independent regions over the course of the next ~five years would kind of be the best scenario from a global perspective.
is nutty.
For countries outside the US, it would actually not be a bad scenario.
Better than having your supreme leader threatening invasion, annexation, promoting coups and so on.
> For countries outside the US, it would actually not be a bad scenario.
I really don’t think I can help you, but the two obvious crazy ideas encompassed here are that civil wars never turn into wider regional conflicts and that losing a major trading partner never tanked an economy. Or that the ideological conflict here won’t possibly spread anywhere else (did you not even notice Vance and Musk’s support of afd ?) Good luck with all that.
The major trading partner that has been placing heavy tariffs on everyone but Russia? I just want to confirm we are talking about the same one.
> did you not even notice Vance and Musk’s support of afd ?
This is exactly the sort of problem we are talking about.
The closest the U.S. is to a Civil War now is akin to a Cold Civil War with, for example, states gerrymandering their Representative districts. Or the Pacific states joining together for West Coast Health Alliance. Did I read rumblings about separate trade deals with foreign countries?
Protesters battling ICE in the streets would not, in my opinion, count as Civil War. Civil unrest? Sure.
EDIT: this always turns out to be one of my unpopular opinions. Oh well.
You are skeptical that it was written by an American, but you have no proof that it was not?
Do you know who did write it?
Those guys in the Whitehouse, are they not American?
They are the ones steering you straight off a cliff and quite literally anything - including civil war - could happen as a result of that.
> you have no proof that it was not?
In other comments on their profile, they refer to Americans as if they are someone other than themselves. Also, the belief that a civil war splitting up the US is likely within the next 5 years seems like a pretty big giveaway.
> Those guys in the Whitehouse, are they not American?
As I said, multiple people can want bad things. I'm painfully aware of what the current admin is doing to our global reputation and what they are risking with their current games - and there are still 3 years on the clock.
Take care.
It's going to be a very long three years. Or a very short one. That choice is not up to the rest of the world but up to the USA.
From the perspective of these allies it is better that American descends into a small civil war and sorts this shit out now rather than it keep simmering and escalting into a global conflict where more people including more Americans die.
US is being driven by the personal whims of a deteriorating tyrant, Congress is allowing it and the courts are only doing a tiny amount of checking his power.
You can't just say "despite everything happening we're still the good guys and China and Russia are the bad guys!"
Osama bin Ladin won. The goals he had when he attacked America have been entirely achieved. Americans got stupid and became susceptible to the society changing effects of terrorism. He got us to destroy ourselves.
This leftist idea that everything will just be ok and we don't need to do anything because it'll all be fixed in the next election needs to stop.
Right now the only people actually protecting the republic are the people in the streets because NOBODY else is accomplishing anything.
Trump was elected as a specific reaction to the previous administration’s immigration policies. You’re right that voters supported that, but they didn't sign up for the rest. If you look at the polling, the tariffs and the Greenland push are explicitly unpopular.
> having free elections doesn’t make you the good guys if you elect a tyrant.
it does. The point of democracy is that voters make mistakes. Even European countries have elected tyrants in the past. The difference is that a free system allows you to survive a bad leader and vote them out; an authoritarian one doesn't.
Sometimes (it's not so rare) the majority of people WANT horrible things to be perpetuated by their government. It isn't just "mistakes" or being tricked or some sort of scam, governments act with the consent of the people and a ruling majority voting for atrocities is not uncommon.
I'm not saying democracy is bad, but I am saying it's delusional to think that just having democracy cures all ills.
---
I have heard first hand people I know, seen people in videos online, and seen plenty of comments online to the tune of "ICE is doing EXACTLY what we want, keep going". A lot of people want exactly what has happened and while I think either the majority is eroding or already lost in support for these things, it is by no means a landslide in public opinion against the rising fascist politics in America. Sitting by and expecting to win the next election and just gritting your teeth until then is not the right response.
A huge portion of why this has happened is democratic "knowledge" that they deserve to win so they will, and making really bad political decisions based on this attitude.
Why does Hacker News make Trump sound so much more interesting than he really is?
He's trying to use economic warfare to annex Greenland.
The most powerful man in the world is a delusional dementia patient and egomaniac being allowed to do literally anything he wants.
I think one of the effects of American narcissism and stupidity is not understanding that Osama bin Laden's primary goal was to replace the Saudi royal family with a Caliphate of his design, and no, he never actually accomplished that. He wasn't about us.
They are also exporting their surveillance state technology to dictatorships in Pakistan, Iran, and Venezuela. Look at Iran, 16000 protestors are dead in two weeks. That is the Chinese model of stability.
Bad leaders exist everywhere, Europe included. But in the US, they leave. Trump is gone in two years. Good luck aligning your economies and value systems with China. I’m firmly on the side of liberal democracy.
You're a European leader looking at this situation frankly trying to decide whose atrocities and foreign policy is worse, it's not exactly obvious and choosing China because at least China isn't trying to annex your neighbors and is behaving rationally even if it's not nice things it's predictable.
There's a big difference between "We're the good guys, we stopped the bad things happening in our country before they started" and "I know we're doing awful things but I bet it'll stop soon with our next election".
You think the most well funded and capable military in the world would sit idle and please itself with keeping conflict contained?
If your scenario plays out they will also be broke so that military may not be able to be funded. I wouldnt say its impossible but a civil war would break the country such that a lot of the aspects that make you fearful also cease to exist.
The government of Minnesota has readied the national guard, the Pentagon put 1500 soldiers on standby to be deployed to Minnesota, Trump is threatening to invoke the insurrection act, and there's no sign of this conflict cooling off.
5 years is a long time too, I don't see how you believe it's not at all likely.
Edit: to be clear, I'm not sure it will lead to the fragmentation that the other commenters was claiming. But an conflict between federal and state law enforcement/ military seems likely.
Minnesota might like a word with you
The divide here is urban vs rural. There's no way to turn that into a set of successor regions.
If armed conflict does happen, it'll be much more amorphous, terrifying, and random, concentrated in the cities, and resemble things like the Tulsa massacre at a larger scale.
The US isn't going to passively give up its hold on the world order. You don't think this would trigger a world war?
And if / when the US does topple (whether in 10 years or in 1000 years), at the moment it looks like the only viable next leaders in the world order are autocratic dictatorships.
How is this a best scenario from a global perspective?
They are literally right in the middle of imploding their soft power; so maybe you are right about passively giving it up when they're actively doing so instead?
No, instead they're actively throwing it on a bonfire.
No, I don't know why either.
Trump is an asshole, but the strategy hasn’t really changed in the last decade or so. Obama tried to isolate China with European help, Trump 1.0 tried to convince Europe to step up, Biden showed them we were willing to move on, and now Trump 2.0 is following through.
People fail to realize how anti-European this past decade has been, and not just under Trump. Europe had significant issue with the Inflation Reduction Act. Not to mention the war in Ukraine, which while illegal and entirely caused by Russia, was capitalized upon by American diplomats to the absolute benefite of the US at the expense of Europe.
The overarching plan has been evident for a while, Trump is just blatant about it. He lacks the decorum to make someone happy about being gifted a lemon. Past administrations have had much more tact in that regard.
America does not want direct conflict with China. China doesn’t want direct conflict with America either. It would be catastrophic for both honestly. Neither side would emerge cleanly victorious. Both would be limping away scarred by the experience. To that end America is just trying to let the underlying structural issues play out. China and Europe both have some structural issues that need addressed. America is gonna build up it’s own hemisphere and simply wait the rest of the world out.
Is it the best plan? Honestly it might be. The more I see of it, the more comfortable I am growing with it. I was more worried about it in the Biden days simply because I was still under the mindset of Europe being an important ally. America was undermining the European economy on multiple fronts and it seemed like we were alienating some of our closest allies. Ironically what I think a lot of people are feeling now.
The truth is though that Europe is dead weight. Their economy is anemic, their still too fragmented militarily and they have been actively undermining America’s effects to derisk supply chains from China. Trump’s broad tariffs would have been handled better under someone else, but the end result would have been the same out of simple necessity. Since COVID America has grown more dependent on China due to second order effects. Everytime we close a door someone else opens a window to let them back in. And it’s not just Europe, but Canada, South Korea, others too. Honestly Mexico has probably been our best ally in that regard.
If you follow the geopolitical sphere most of what’s happening is not new. Trump hasn’t really changed the plan - he’s just subtle like a brick to the face. He is loud and boastful about it where before it was clever and subtextual. That is really the only change. Geopoliticallt he tries to dominate while Biden and Obama would convince people something stupid was what they really wanted.
I don’t know if that helps the anxiety at all. I’ve felt it, I’ve been there. I’ve yet to see a better plan though. Honestly, the next decade is gonna be bumpy, but if you look at the long-term trajectory, America is gonna be well ahead of the rest of the world by the 2040s. We are easily in the best strategic position I would say. Once you really wrap your mind around the various aspects of it, it’s not a bad plan. It’s not Trump’s plan, it’s not Biden’s plan, this plan has roots going back over a decade. I’m sure at some point it was just a COA under discussion with multiple decision points and alternatives. Could it have worked itself out differently? Probably. But given where we are it’s probably the best plan for now.
What an incredibly ignorant statement. Europe's economy in real terms is doing fine, their productivity is growing. The US's economy only looks good on paper, but outside of the AI bubble, companies aren't growing wages are stagnant with inflation.
Europe is also on the verge of federalization. But you have to understand getting over two dozen countries with vastly different cultures, histories and languages to cooperate is a gargantuan task. One the EU has been incredibly successful at.
I hope the EU moves to a more Federalized model of governance - it would certainly benefit them. And I agree that it won't be easy. I am not sure California and Texas would agree to the model the United States has today. I can't even imagine what it would be like for Germany and France. But they have some serious issues to address. These are some foundational changes that are unlikely to happen in the next year or two.
With the same amount of money you can do much more in Europe. Even in the few domains where USA had a traditional advantage, like the prices of electronic devices, e.g. computers, things have changed a lot recently.
Prompted by another discussion thread on HN, I have compared yesterday some prices for computers and associated components in USA and in Europe. Now the prices in USA are 30% to 40% higher, in sharp contrast with how the price ratio was in the previous years, when prices were lower in USA.
The real economic strength of Europe vs. USA is much greater than the values of GDP expressed in USD, and including some meaningless indicators, would seem to imply.
Perhaps the downvoter has not believed that the prices have become so bad in USA, but then he/she should have checked the prices instead of downvoting.
After another HN poster has said yesterday that he has just bought a computer in Europe and the same computer was more expensive by 37.5% in USA, I thought that this is unbelievable, so I have also checked myself the prices.
I have just bought an ASUS NUC computer in Europe at a price equivalent with $490 and the same computer is on Newegg at $679, i.e. more expensive by 38.5%, a value very close to that reported by the other poster.
Moreover, I have equipped that computer with an 1 TB SSD and 32 GB DDR5, at a hugely increased price in comparison with last summer, i.e. the DDR5 modules are more than 3 times more expensive now (thanks to the US companies hoarding memory devices). Even so, the total cost in Europe was equivalent with slightly less than $900 while the same configuration on Newegg was slightly less than $1200.
Q.E.D.
In past years the opposite was true, i.e. computers and related components were cheaper in USA, even if the difference was not so great as it is now in the reverse direction.
Therefore it is clear that the dollar is overvalued, its true value is much less in comparison with the euro than the official exchange rate says. For most non-electronic things, the prices were lower in Europe even before. So the GDP of USA is also not as big as it is claimed.
The US has the benefit of the government borrowing insane amounts of money to juice it's economy, by being the world hegemony. That advantage has evaporated and you see the current capital going to unproductive industries.
And why would we do that?
I guess if you torture the data long enough it will confess to anything.
European productivity is beating American productivity. American GDP is heavily warped by money borrowing and previously foreign investment.
Hopefully. It needs to do something about veto powers and the fact that Orban exists.
This has been repeated elsewhere in this story. What's your thinking here? I assume you mean the non-US members of NATO, but you seem to have forgotten two G7 members if you're equating NATO - US with the EU.
The remaining members include two nuclear-armed states, five or so aircraft carriers, submarines, several large air forces, navies, etc. What would make them unable to project force into the Pacific?
https://warontherocks.com/2024/04/two-theater-tragedy-a-relu...
You clearly don't have any idea what you're talking about.
The UK's two aircraft carriers were commissioned in 2017 and 2019 and carry 60 and 48 aircraft respectively.
NATO is literally the North Atlantic Treaty Org. Basic map-reading tells you that the Pacific is not the North Atlantic. Sure, securing the Pacific might take a "Pacific Treaty" of regional powers, but we see no signs of that kind of thinking at present from the USA. Bridges are being burned not built.
> Trump is an asshole, but the strategy hasn’t really changed ... Trump hasn’t really changed the plan -- he’s just subtle like a brick to the face
Is this the new talking point? That it's business as usual with an uglier face? This is rubbish though on multiple dimensions, this is now a kakistocratic and kleptocratic US administration, that is going out of its way to alienate allies .
> America is gonna be well ahead of the rest of the world by the 2040s.
I think you'll find that kleptocrats don't tend to have that "get ahead" effect.
Which is exactly what this administration is doing. What do you expect to happen when the POTUS and DOJ overtly pressure the sitting Chairman of the Federal Reserve to cut Fed Funds rates and print more money, thus creating more inflation in direct violation of a crystal-clear Congressional mandate? Do you think that's good for the U.S. as a destination for safe assets, or a "reserve currency"?
Do you remember the situation that precipitated the Nazi takeover of Germany? Wasn't it hyperinflation and economic collapse? And you think it would be a good idea to push the US further in that direction?
You'll get worse, not better.
> A new civil war that drives the US to fragment into several independent regions over the course of the next ~five years would kind of be the best scenario from a global perspective.
Are you serious? That's an utterly insane idea. The best scenario from a global perspective is the US regains its stability. Europe is in no position to defend itself militarily, it relies on US support via NATO. I believe similar is true of Japan and other countries. A US civil war would only help Russia and China (Russia would gobble up Ukraine and who knows what else, China would take Taiwan and dominate/subjugate the rest of Asia, like Japan, in some fashion that non-Chinese nations wouldn't be happy with).
Also US polarization isn't regional (e.g. a big part is urban/rural). There's no "fragmentation into independent regions" that would really solve the problem.
Like, we're all amateurs on a web forum, but it's best to avoid monomaniacal, first-order thinking.
If you honestly believe that the EU wants the US to descend into civil war then you you have your parties grossly mixed up.
I don't think it does, but I'm not responding to them. I'm responding to someone who made a bonkers comment up-thread.
Except that's not an either-or alternative. Even if the US had a civil war and somehow disappeared, other belligerent actors would be free to start conflicts that had been held back by US pressure. You still have your "global" war. Like if the US disintegrates right now, Europe can kiss all of Ukraine goodbye, and probably the Baltics, too.
And even if somehow the US was the only problem (it's not), there's a decent chance that the end result of a civil war is a non-fragmented and even more belligerent US.
Previously, it was content to treat UKR as a puppet, but after a color revolution and their man in Kiev was deposed, their hand was forced.
We're only now seeing it as an overt tug of war between the Great Powers
I agree with you, one dimension of the cultural split is urban / rural. The other dimension is actual culture as based on history -- deep south, southwest, cascadia, breadbasket, eastern seaboard -- these areas have different enough cultural heritage you could see them as separate regions if you squint hard enough. But the key deciding factor are the centers of military power -- where the major air, navy, and nuclear bases are. Overlay that over the cultural map, and you get the Independent Regions. The urban centers would define the voronoi centers of the subregions, with rural areas becoming more of no-mans-land, roving-bands boundary scenarios.
I mean yes it all sounds fantastical, but most unprecedented things do until they come to pass. There's so many patterns and echoes that gently indicate that this unfortunately may indeed be the way.
I really don't understand why people keep saying that despite the fact that Stephen Miran, Trump economic advisor, made it an explicit goal to devalue the dollar:
> The root of the economic imbalances lies in persistent dollar overvaluation that prevents the balancing of international trade
https://www.hudsonbaycapital.com/documents/FG/hudsonbay/rese...
They want the dollar's value to go down. You don't make someone change course by doing what they want as a punishment.