[fnordpiglet]

Precisely. In fact a lot of reserves aren’t even dollars but are actually us treasury debt denominated in dollars. Treasury debt is treated as cash in most of the world because the treasury market is so liquid and it’s guaranteed by the 14th amendment of the constitution. no one wants to see the 14th invoked because a) it means our political system is so broken we are willing to default, b) it’s possible some conservative court would deny the clear language and take the backstop that insures the debt away. The 14th amendment though is basically supported by printing money rather than borrowing, which is the (c), as it’s diluting.