so that it's not so easy. This is the thing that I think is interesting, at least how I frame this and look at it. The Chinese absolutely want financial, economic independence from the United States because they want political independence. They want to be able to have complete autonomy. They don't for sure want to have happened to them, what happened to Russia. But at the same time, so much of their economy has grown up around the US dollar based international trading and financial system and has resulted from trade and engagement with the rest of the world and the persistent running of structural current account deficits by the United States. So how do we separate those two? The fact that yes, there are network effects associated with dollar and US dollar based financial infrastructure, but there's also an economic reality that has depended on various economies playing various different roles. I think we can separate those things by looking at the different uses of the dollar. So (22/38)
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