The demand for stacking US Treasuries has definitely changed in the past ten years. I don’t think it’s a debate that it has been a desirable asset to hold, that’s a fact.

With regard to holding US treasuries, all that matters is the debt can be repaid and in most cases it’s the ability to print money that has kicked that can down the road.

You're taking a dollar because it’s a currency that’s universally accepted and in most cases because it’s being debased far less than an unstable currency, and yes this gets us back to what underpins that global reserve currency status but I wanted to at least set the table on a few of those points.

Creating massive amounts of debt to rebuild Europe happened because there was a war that reached the levels of mass destruction it did from creating massive amounts of debt to finance that destruction.