Erik Bethel

We're not there yet, but we're approaching that.

And so that's the context, okay?

Back to treasuries.

When people don't buy our treasuries, when large institutions and sovereign wealth funds and, you know, the whatever, Wall Street doesn't buy it, the Fed becomes a buyer of last resort.

How does the Fed do this?

Well, as Eric mentioned, by printing money.

So, well, when you print crazy amounts of money, you have to ask yourself, why don't we look like Zimbabwe or Argentina in the hyperinflationary days?

And the reason for that is there's an artificial demand for dollars around the world because the dollar is used in almost everything.

Every commodity is priced in dollars.

The world's reserve currency.

The world's reserve currency.

Every FX settlement is done in dollars.

A foreign exchange is done in dollars.

So everyone needs to use dollars in the world.

So we can print for a period of time and the world needs to use it.

Okay.

Let's take this back to Taiwan.

In a Taiwan scenario, if China takes Taiwan, every country in Asia is going to be told, hey, guys, there's a new sheriff in town.

Why should we trade Malaysian palm oil in dollars?

Why shouldn't it be in renminbi?