talked, I don't know about internationalization of the renminbi, but he's actually a good example of this point about not to call out Peter, but he's a very strict Austrian and he's had a very US-centric focus on the value of the dollar and just looking at it as a one-to-one equation. Like you mentioned, Milton Friedman's quote inflation is anywhere and always a monetary phenomenon and except it's not one, two, there are other people's monetary policy matters also. And it's just monetary policy. It's also the credibility of financial markets, the breadth, depth, and regulatory framework of those markets. The outstanding liabilities denominated in the currency, which is being printed, all of those factors matter. Yeah, and if there's anything we've learned is that the one universally safe asset in the eyes of investors is the dollar or treasuries. And there's plenty of countries that would love for there to be an alternative to SWIFT or to the kind of New York-centric correspondent (48/97)
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