That would be a gold bug song. Foreign holders have their own structural problems which will not be sorted out any time soon [China with its money-losing state enterprises and epidemic corruption; Japan with its asset bubble and the pension costs; Europeans with the costs of their welfarism]. This is what prolongs the current structure. His scenario is predicated on the major foreign holders successfully overcoming their domestic problems first.
"This is what prolongs the current structure. His scenario is predicated on the major foreign holders successfully overcoming their domestic problems first."
Or simply China deciding they have purchased enough military with our liquidity we gave them to pull the plug on buying dollars.