Interesting read. I would like to see Lyns thoughts on China and its challenge to USD hegemony via mBridge and CIPS. While debts being mostly denominated in USD does create embedded future demand for USDs, it is a legacy function and could change quickly when the means by which international trade is settled shifts from the USD/SWIFT protocol to Chinas alternatives. If the future value of the USD is seen not seen as secure, the logic of denominating debts in USD also quickly evaporates and so does the future demand creating a vicious downward cycle where the dollar could collapse rapidly. The power of fiat is based primarily on domination of the MoE channels. The currency in which debt is denominated is derivative of this MoE function...not the other way round. Since China now dominates global trade in manufactured goods and commodities this is a significant risk factor Lyn is overlooking, surely.