readiness to backstop the world in extremis, which is the role it played in 2008. Well, I guess the answer to your question is yes and yes. So yes, both the private network effects of the infrastructure and the inertia, but also the active support of the US government and wanting the dollar to play that role. In other words, if the US stepped away and changed its policies, that would have a materially detrimental impact on the dollar's viability as an international currency. Well, I mean, the US has to really step away because the network effects are so powerful. I mean, as you know, the sort of the underlying premise of my book is that the dollars dominance, the special unique quality that it has in international commerce is almost impregnable, barring catastrophic missteps by the US government. And I'm of the view, I mean, okay, we'll come to the present day later in this discussion, but I'm of the view that many catastrophic missteps are being made, but are they catastrophic enough (40/45)
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