A point I’ve seen made that as messed up as we are, the rest of the world is even more messed up. Which is sort of the general point you were making.
Exactly. Until our debt-to-GDP profile is completely bizarre compared to other countries it’s all relative to the point of being a ridiculous assumption.
Just like credit ratings.......if the US sov debt rating ever comes to crack so bad that countries like France and Italy look like paradise by comparison, then this replacement USD talk becomes valid. But if we all slide in the same general direction, you choose potting soil over sand every time.