I wish I was more sophisticated in these areas. But I'm not. My fear isn't so much reduction in USD is our American stupidity in current account deficits, and debt which is to precisely point fingers at our insipid Congress. The last gasp --- which proved to be all air --- was Paul Ryan who was gonna try to fix things. Since that time it's a combination of we didn't, and we can't, plus reactionary moves. In so doing we're just wasting our soft power here. The other head wind is trade deficits. But unlike that, our budget and it's knock on effects is more directly in control.

I once ran into Tom Keene of Bloomberg news around 2014. In discussing this his view of Washington's view was we can print whatever we want. I was surprised he didn't criticize that ... but it's stuck we me ever since.