[jaredtn]

There are two concepts here: medium of exchange and store of value. Currently the US dollar (and Treasury bonds) do both. It's unlikely that the US dollar disappears as a medium of exchange, though there are steps being taken here, such as China + Russia pricing their oil trade in yuan rather than dollars. Yet with M2 money supply increasing 25% in the last year and the DXY crashing by 10%, the US dollar is no longer a reliable store of value.

The larger shift is out of Treasury bonds into different reserve assets, such as commodities (oil, gold, alternative currencies). That one is very real.

[birdsbirdsbirds]

Gold is not priced as a commodity and if everybody is starting to buy oil to store their value, it will stop being a commodity, too. The oil price would go up for a short moment, investments into renewable energies would increase and oil would actually drop in value after it had sucked up the value to be stored.

Can't the increased M2 money supply be interpreted as a move to stabilize the value of the dollar? Maybe the crisis made that increase necessary to maintain the value?

[jaredtn]

It was certainly a move to stabilize the stock market and Treasury market. However, having a reserve asset that steadily, stably climbs lower is not a store of value by any definition.