here's why most people are wrong about the dollar system
§ 01 · Premise This Is Not a Question of "Worth It or Not" When the Trump administration started questioning the returns on global military commitments — when MAGA voters began asking "we've spent all this money maintaining world order, what exactly did we get?" — the debate collapsed into two useless extremes. Either: "of course it's worth it, dollar hegemony gave America everything." Or: "it was never worth it, the military-industrial complex has been running a racket." Both answers are wrong. The correct question is not whether the dollar order has been profitable. It has been, enormously. The correct question is: who captures the gains, who absorbs the costs, and whether that distribution is sustainable. ~60% Global central bank reserves held in dollars (2025) 64% Outstanding global debt securities dollar-denominated (vs 49% in 2010) 10–30bp US borrowing cost advantage from reserve c
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