was... If that would make the commercial use case for the dollar, the argument for the dollar strength less compelling because there are alternatives for being able to move between two pairs since you've got an intermediary currency that you can use rather than having one dominant currency that everyone's using. Yes. So I made that argument in a book that came out in 2018 called How Global Currencies Work with two co-authors, Arno Mel and Olivia Cheetu. We argued that the network affects the complementarities between the different functions of a currency and the pressure, the advantages of using the same currency and cross-border transactions that everybody else is using. That's what we mean by network effects in this context, that in a high-tech digital world where it becomes easy to pull up an app on your smartphone and trade a currency at relatively low cost, those network effects and complementarities will weaken and we will see more diversification away from the dollar in all of (20/38)
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