America's mountain of public debt poses a serious threat to President Trump's administration. The debt of the United States has never been as high as it is today — amounts to as much as USD 38 trillion. (approx. PLN 138 trillion). Of this, as much as PLN 9 trillion (approx. PLN 33 trillion) are American treasury bonds in the hands of foreign central banks.
Experts warn: if Western countries united forces and decided to sell these securities, this would shock the dollar, oil prices and US financial markets. But could Europe really defend itself in this way?
In an interview with “Bild”, prof. Kenneth Rogoff, an economist at Harvard, explains this mechanism. — Overall, the resources of American bonds in the hands of European governments are small compared to Asia, but even then the market would be shocked. If there was a panic and all foreign investors sold their treasury bonds, the amount would reach almost $9 trillion, which would have huge consequences, the expert predicts.
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In turn, prof. Clemens Fuest, president of the economic research institute ifo, tells us that the strategy “would weaken the dollar and create confusion in financial markets, but it is difficult to say whether it would affect the USA or us in Europe more severely” He adds that the US Federal Reserve could simply buy back these bonds.
Europe could attack American Big Tech
According to Rogoff, the most important weapon would be a “retaliatory tariff policy.” American technology giants such as Amazon, Alphabet (owner of Google), Apple, Meta (owner of Facebook and Instagram) and Microsoft generate billions of dollars in revenues in Europe. However, EU customs duties do not yet cover digital services.
Dollar and euro banknotes. Illustrative photoChunky skull / Shutterstock
Prof. has a similar opinion Fuest. — We should work as soon as possible to reduce dependence on the US in security policy and digitalization, he says. Only then would it make sense to apply economic sanctions against the US. The bitter truth is that if the United States tried to take over Greenland, Europe would probably have to resort to this solution.
“Bild” also asked Veronika Grimm, a member of the economic council of the German government, for her opinion. – Greenland does of great geostrategic importance for the West. Even if Donald Trump's methods are questionable at best, it is true that we have not prepared enough for future conflicts of this type, he laments.
Donald Trump, president of the USA, in the White House. Washington, January 15, 2025PAP/EPA/Samuel Corum / POOL
Geopolitical blindness has been demonstrated especially in Europe. — Europe should urgently strengthen its economy through reforms and invest in defense capabilities, says Grimm. In her opinion, Europeans should take the initiative and start negotiations.
Why does Trump need Greenland?
President of the USA wants to use Greenland as a strategic buffer and location for the anti-missile defense system, the so-called Golden Dome. Rivals such as Russia and China are to be kept at bay, while Trump seeks to dominate the entire Arctic.
Greenland, January 13, 2026Lokman Vural Elibol / Anadolu/ABACAPRESS.COM / PAP
An additional advantage are deposits of raw materials. Greenland is a treasure trove of natural resources— has enough resources of some rare earth elements to satisfy as much as 25 percent world demand. Most of them are practically unused.
Minerals hidden beneath Greenlandic ice are crucial for wind turbines, solar cells and electric cars. This includes: about titanium, platinum and molybdenum. Under the icy surface there are also large deposits of neodymium and praseodymium, rare earth elements used to produce magnets necessary to create technologically advanced military equipment.
I’m Ashley Davis as an editor, I’m committed to upholding the highest standards of integrity and accuracy in every piece we publish. My work is driven by curiosity, a passion for truth, and a belief that journalism plays a crucial role in shaping public discourse. I strive to tell stories that not only inform but also inspire action and conversation.
