The Battle for the Future of the Global Financial System

The US dollar is central to the global financial system. If countries don't get enough dollars to fund those debts, they start defaulting or maybe even worse, they start printing their own currencies in order to avoid defaulting. No other fiat currency currently stands in a strong enough position to be the next world-preserved currency, none of them want to become reserve currency. And so if we have a severe recession here and our imports fall down, that will create a currency crisis in basically the rest of the world.