Oslo Quietly Loosens Its Grip on Uncle Sam’s IOUs Norway’s $2.3 trillion oil fund, the world’s largest, has written to the Finance Ministry proposing that government bonds shrink from 70 to 50 percent of its fixed income benchmark. Since US Treasuries are by far the biggest slab of that pile, more than two trillion kroner of them, Washington’s most reliable creditor is politely suggesting it would rather hold something else. The official reasoning is dry as a Treasury auction. Nicolai Tangen and central bank governor Ida Wolden Bache want to weight sovereign debt by market value rather than GDP, and shift money into corporate bonds and mortgage-backed securities, which they argue offer better returns and still cushion equity crashes. Parliament has to approve it, and nobody in Oslo will say the word Trump out loud. Nobody needs to. The clip is the Treasury Secretary blaming Ukraine for fuel prices, for the crime of hitting Russian refineries rather than the country that invaded it. It has nothing to do with bond benchmarks, and everything to do with why a careful Nordic creditor is checking the exits. Whenever Washington has to choose a side, it keeps landing on Moscow’s, and the people who used to queue up for American debt have noticed. Stay connected, follow Gandalv @Microinteracti1