I suggest that this is where hybrid warfare starts.
Public debt held externally by nominally private investors with connections to foreign governments.
No western government will consider going against the moneymen for fear of replicating the Liz Truss outcome.
en.wikipedia.org
So how exposed is the US and how do we compare?
US External Debt - 80% of GDP
Can External Debt - 95% of GDP
Compared to China we are significantly more exposed to the international markets
And we have a tendency both to worry about the markets and follow the rules
Cn External Debt - 12% of GDP
As for the rest of BRIC in comparison to the rest of the G7
Br External Debt - 30% of GDP
In External Debt - 16% of GDP
Ru External Debt - 26% of GDP
UK External Debt - 257% of GDP
Fr External Debt - 216% of GDP
Ger External Debt - 133% of GDP
It External Debt - 120% of GDP
Jap External Debt - 87% of GDP
Following this theory then Japan and Germany should have a lot more freedom of action than the UK and France.
And Canada would be at least as free as Germany, and freer than France and the UK.
So what is possible, how bad can things get?
Lux External Debt - 4905% of GDP
Ire External Debt - 548% of GDP
HK External Debt - 447% of GDP
NL External Debt - 428% of GDP
Sing External Debt - 367% of GDP
But if foreign indebtedness is a limiting factor how do those countries survive? Most interestingly how does the Netherlands manage to have both a high level of foreign indebtedness and retain a lot of freedom of action and a lot of international influence. It probably has something to do with them virtually inventing the modern banking system.
Some of the rest of Europe
Swz External Debt - 227% of GDP
Gr External Debt - 217% of GDP
Be External Debt - 216% of GDP
Fin External Debt - 212% of GDP
Aus External Debt - 178% of GDP
Sp External Debt - 163% of GDP
Swe External Debt - 147% of GDP
Aut External Debt - 143% of GDP
Dk External Debt - 125% of GDP
No External Debt - 120% of GDP
All more externally exposed than Canada
And for reference, the Arabs who seem to hold much foreign debt
Bah External Debt - 114% of GDP
Qa External Debt - 74% of GDP
UAE External Debt - 47% of GDP
SA External Debt - 19% of GDP
The UAE and SA seem to tend the BRIC side of the scale than the G7 side.
I don't have a clue what this means. Just that by comparison to the rest of the world Canada doesn't seem to be unusually lacking in options.