Back in May, that goldbug, Austrian economics blog, Zerohedge, wrote a post trying to figure out the big mystery of why the Belgians were buying so many Treasuries.
Well, it wasn't the Belgians and it wasn't some secret Chinese account held in Belgium as Zerohedge clumsily tries to suggest.
It was the ECB, acting through other European central banks. The ECB had been buying dollars and selling euro at the beginning of the year as part of their "price setting" of euro. That is, price setting lower.
Nearly all Eurozone member countries added to their Treasury holdings in that period. That was the ECB doing all the dollar buying.
