More on Sovereign Debt: Russia to continue dumping US Treasuries

The ticking time bomb continues.

Yesterday we brought you a clip of Jim Rogers talking about the looming spectre of sovereign debt and getting ready.

Today comes confirmation that the rush out of the US dollar is intensifying, this time courtesy of Russia.

Over the past 6 months Russia has dumped 30% of it's Treasury holdings. Now the Wall Street Journal reports that "Russia will likely continue lowering its U.S. debt holdings"

"The share of our portfolio in U.S. instruments has gone down and probably will go down further," said Arkady Dvorkovich, chief economic aide to the Russian president, told Dow Jones in an interview on the sidelines of the St. Petersburg International Economic Forum.

Faithful readers will recall that China has already publicly announced they are considering dumping 2/3's of their US Treasury holdings.

This also follows Japan's public pension fund announcement that they are planning to begin asset liquidations (which means they won't continue buying US Treasuries).

Russia, China, Japan are the three countries with the largest financial reserves in the world to be able to buy US Treasuries and continue funding America's deficit spending.  Now all three are either dumping, or threatening to begin dumping, US Treasuries

And it is all coming just before Quantitative Easing 2 (aka the US printing money to buy it's own debt) is supposed to end.

Can you see why Jim Rogers is so concerned?

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