"Most commentators see the dollar as losing its "safe haven" standing, but safe haven has little to do with demand for dollars: it's much more a matter of needing dollars to pay down debt that is denominated in dollars.
As the global financial crisis triggers margin calls and counterparty settlements in dollars, the demand for dollars rise. That's why the dollar spiked during the 2008 meltdown."
By Charles Hugh Smith from Of Two Minds
I like it when other people say what I've been saying, only much better.
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