The term is new to me too. From what I saw, fiat currency is the milkshake, & USD is the straw in everyone's milkshake. USD sucks the value out of all other currencies. USD will lose value when there is no "milkshake" left to suck or drink.
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It comes from Brent Johnson's Dollar Milkshake theory which states that the US is sucking capital US through:
This makes the dollar stronger than other fiat currencies.