丹麦基金清仓美债，欧洲会用资本保卫格陵兰岛吗？

Core Viewpoint - The Danish pension fund AkademikerPension has initiated a significant move by announcing the liquidation of its $100 million holdings in U.S. Treasury bonds, signaling a potential shift in European capital away from the dollar amid rising geopolitical tensions and U.S. fiscal concerns [1][5][11]. Group 1: Fund Actions and Implications - AkademikerPension, managing approximately $25 billion, is known for its high ethical investment standards and serves 170,000 Danish academic professionals [3][5]. - The fund's decision to divest from U.S. government bonds is primarily driven by concerns over the deteriorating fiscal situation of the U.S. government, with a budget deficit reaching $1.78 trillion last year [5][11]. - The liquidation is seen as a symbolic warning of European capital's potential withdrawal from the dollar, despite the relatively small scale of the divestment in the context of the $30 trillion U.S. Treasury market [5][12]. Group 2: Market Reactions - Following the announcement, the yield on 10-year U.S. Treasury bonds rose by 8.1 basis points, reaching a high of 4.31%, marking a five-month peak [6][8]. - The U.S. stock market reacted negatively, with major indices experiencing significant declines, and the VIX index, which measures market volatility, surged to its highest level since November [8][18]. Group 3: Broader Economic Context - The European nations collectively hold over $12 trillion in dollar-denominated assets, with approximately 40% of foreign-held U.S. Treasury securities owned by European countries [12][14]. - Analysts warn that if European investors reduce their exposure to U.S. assets, it could lead to uncontrollable increases in U.S. interest rates, exacerbating the fiscal challenges faced by the U.S. government [14][19]. - The geopolitical landscape is shifting, with potential for increased financial conflict as highlighted by Ray Dalio, founder of Bridgewater Associates, who cautioned about the risks of a "capital war" [17][19].