Lyn Alden on How Fiscal Dominance Reshapes Markets (TIP815)

And I think the uptick in gold usage is part of that. It's not that Chinese currency replaces the dollar, it's that one neutral reserve asset, like gold gradually replaced the dollar as a reserve.

If the money supply's growing by 7% and you're holding treasuries that are paying you 3 or 4, you're getting diluted by 3 or 4% a year in terms of like your share of the overall dollar network.