But suppose,

You hold the issued national debt and earn interest, which is regarded as a long position;

Without national debt, if the interest rate rises, your cash is at risk of depreciation and is regarded as a short position;

If the interest rate falls in the future, the sooner you hold the issued treasury bonds, the better, because the yield of the treasury bonds issued later will drop for your investment, so it is naturally unnecessary to use treasury bonds futures to preserve the value. For example, the current market environment is almost like this. At this time, the futures price of treasury bonds is on the rise.

If there is no national debt, and assuming that the interest rate level will rise later, you have a lot of cash, or hold the previous national debt, and there is a risk of cash depreciation, or the risk of a decline in the investment yield of the previous national debt. At this time, you can short treasury bonds futures, because with the rise of medium and long-term interest rates, the price of treasury bonds futures will fall, thus playing a role in maintaining value.