The standoff between the United States and Russia over Ukraine has sparked renewed interest in a troubling question: Do the U.S. government's vast debts to foreign nations present a threat to its national security?
The fear is that China, Russia or some other major holder of U.S. Treasuries could suddenly start selling, sending interest rates soaring and wreaking havoc in markets.
Actually, anyone worried about what will happen with the Treasury market should be paying at least as much attention to the Caribbean. That's where some of the most important "foreign" holders can be found — typically U.S.-based investors and companies keeping money abroad for tax purposes.