country like China, which of course, obviously the Chinese you want cannot replace the dollar, at least not today. And there still doesn't seem to be any good alternative. But also, what does it mean for something like gold, or let's say cryptocurrencies, which have been huge beneficiaries of the risk on trade, but which interestingly enough, have this quality that's different than any other asset class that I can think of in recent memory, which is that so much of the narrative that has driven their valuation has been political in nature. It has been a bet against governments, a bet against central banks. So how do you think of that? So it's really important to remember that when it comes to reserve currency, when it comes to the dollar, you cannot replace something with nothing. So you have to be able to identify what is it that's going to replace the dollar. No other national currency has the attributes of a dollar. So if your world is limited to simply national currency, you end up (35/43)
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