liquid market, it has lower rates, and they can borrow these rates. So this happened on a global scale. And as a dollar strengthens, this means that all these countries and all these corporations in these countries need to repay these dollars at the more expensive FX trade, and they need to pay a higher interest rate because interest rates are going up. So they have a double whammy when it comes to their interest payments in their interest debt. So this thing is a self-reinforcing loop. And to go back to the earlier points regarding if it's an endogenous or an exogenous, everyone who watches the US comes out and says, the Fed is monetizing the debt, the Fed cannot fund the US deficit, and so on. But if you look at the rest of the balance sheets, the BOJ is around 120%, 128% of Japan's GDP. The eurozone is 81% of the eurozone GDP. The Bank of England is 39%, and the Fed is 35%. So if you are the biggest economy in the world, everyone wants your currency. Everyone trades in your (29/92)
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