from Balaji | by Balaji

"History...tells us investors tend to flock into dollar-denominated assets during times of stress" No, take a longer historical lens. People exit devaluing currencies. That's the key difference vs 2008. USD is no longer too big to fail. Hope what comes next is BTC, and not RMB.

WHY 2023 IS NOT 2008 Dalio has a different definition of historical reserve currencies. He says it's the US dollar, then before that the British pound, then before that the Dutch guilder. But the point remains that reserve currency status doesn't last t.co/fIKlBIRvXk…