Foreigners don't need to own fixed-interest securities. They can also invest in other US assets, such as the stock market. That's quite a good inflation hedge, so long as the US remains a good place to invest.

Except, apart from tech, there is no good place to invest in the US, especially given the headwinds in the current macro environment. And tech is super overvalued now.

There's a lot of investor capital moving to traditional industries in China, India, Brazil, Korea and Europe, simply because there's better returns to be made with more resilience to American problems.