This first week of October has seen U.S. interest rates soar to the 5% level on long-term Treasury bonds. That has made long-term Treasuries one of most attractive investment vehicles in the world, or even the most attractive. One obvious result is that countries aiming to dedollarize their central-bank reserves would make an untimely decision move out of the dollar at this point. To avoid holding dollars in the form of US Treasury securities would mean holding foreign reserves denominated in a currency that is declining against the dollar. No other government is willing to make its currency so attractive to international investors (including central banks) by raising interest-rates so high.  At 5%, US bonds are the most secure and best investment around. There is a huge move into the dollar – ...