[vmception]

USD has a variety of “thing X’s” to drive demand as well as being a destination when things seem uncertain, driving further demand.

When people move their money out of monetary unions, there are only a few places and assets to purchase in large amounts. Everything has already been stretched to insane valuations, so USD is it.

I think your pragmatic look is refreshing, but too willing to reject a notion just because its popular, you’re right on the money just incorporate the demand drivers instead of excluding them.