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oh... that there's a lot of USD-denominated debt on non-US bank balance sheets? (and then some off-balance sheet on top). It's just a graph showing how much there is/estimates... not sure what the confusing is?
The labels indicate that the red bit on top is the on-balance sheet debt
I think what is confusing to me is the commentary of BPI's tweet:
They say the US backstops $12 - 15 trillion in off-book debt, but the chart shows on-balance sheet debt being ~$50 trillion while off balance sheet debt is $36 trillion.
According the chart, wouldn't it make sense to say the US backstops $36 trillion of off-book debt?
I think the tweet contents is just wrong, the chart is fine.
I agree that the tweet getting it mixed up is most likely
oh, I get it. yes, a little confusing
I think I get the basic point. I just don't get how the labels on the graph match what was described in the text (and I didn't bother spending much effort on figuring it out).