Peter St. Onge

Both of those countries are, in many ways, more dysfunctional, certainly Japan, than the US.

The

The Bank of Japan, their central bank currently owns half of all Japanese government debt, which is something like 235% of GDP.

In US terms, it would be 70 trillion, of which 35 trillion would be held by the central bank.

Japan is an absolute mess.

They're not replacing the dollar for sure.

Europe is also a mess.

I mean, they're losing members.

They're in constant danger.

They're having these, what would be constitutional battles in our country between Hungary and different countries.

So, you know, I don't think Europe is going to do it either.

Now, we shot ourselves in the foot a couple of years ago.

The number that you were talking about earlier, where our share of transactions collapsed the past couple of years, that came from seizing Joe Biden's handlers seized Russia's central bank dollars.

because of the Ukraine war.

And that's something that we hadn't even done during the Cold War when our proxies were shooting each other.

And that, I think, was a huge deal.

I think that's what's driving a lot of the decline in dollar usage right now.

Because remember, most of the value is coming from its savings.

And what they did by seizing the Russian central bank dollars, they sent a message to the entire world that if you're on the wrong side of the US, then even

your central bank dollars, which those were always like the holiest off limits, even those we can seize.