Could the dollar have a huge decline, if it is used for only 50% of cross border trade and 61% of global reserves? A commodity at Walmart might be stockpiled (reserves) but suffer loss in value if customers reduce purchases (trade using dollars). I am reminded of false predictions in the WSJ before 2008 - that Americans had lots of assets to prevent a collapse but deflation hit those assets hard, at the time. Similar to confidence in the dollar, I wonder - as it gets replaced in currency swaps.

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