https://www.stlouisfed.org/on-the-economy/2022/oct/innocent-greenbacks-abroad-u… Created Tue, 18/10/2022 - 20:30 Updated Tue, 18/10/2022 - 20:30 When foreigners hold on to U.S. banknotes, those dollar holdings essentially become an interest-free loan to the U.S. government.