I don't know - the economic incentives are kinda trite. Be my guest, hazard a guess. Could be the US deep state, or BRICS, or someone else.
- competes with the function of sovereign currencies
- debases any sovereign power projections executed via currency agreements, policy, or controls ( i.e. mutually assured enfeeblement of nation-states )
- soaks up retail liquidity
- soaks up USD liquidity
- moderates the price of any other inflation hedging assets ( gold, US equities, particularly tech stocks )
- ???
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