When pension funds start questioning US debt because of political behaviour, something deeper than Greenland is breaking. Right, so a Danish pension fund has just moved to exit US Treasuries. Offload US debt in other words. Not stocks, not defence firms, not some symbolic gesture, but US government debt, because US political behaviour itself has been judged a risk and this is the kind of response that, as I mentioned in a video just the other day, can hurt the US via its spending power. In part at least, this is in aid of applying coercive pressure over Greenland of course, territory tied to Denmark itself. And amid talk of military action and counter-tariffs, this move quietly removes an assumption people rely on without realising it, that US debt is something that just sits there, being neutral, boring, above politics, something you don’t have to think about while Washington tests limits elsewhere. Well its not true and this is a more effective counterstrike than acts being far more loudly discussed. This doesn’t stop with Greenland, and it doesn’t stay confined to one fund either, because the moment capital treats conduct as relevant, a whole set of confident claims quietly stop working and the moment one private fund shifts others can follow – some much bigger. Right, so the Greenland crisis hasn’t produced a military move, a treaty breach, or a dramatic showdown, but it has already done something far more consequential and far harder to reverse and I don’t want to say I told you so, but I did cover this option the other day, so someone seemingly taking it is significant, not just for that, but because it takes some balls to do as well. What this does is force United States sovereign debt held by other states and other organisations, other funds, out of the background and into the open, where it now has to be spoken about, defended, and managed as a political asset and an acknowledged weak spot to be leveraged. Where I spoke about sovereign state holdings previously though, in this instance it is the holdings of a not insignificant pension fund instead that is taking the lead here.