[howmayiannoyyou]

Its not about the USD.

It is about certain regimes nearing their end and folks converting assets into something fungible they can use and enjoy while exiled in Geneva, Dubai, Phnom Penh, etc.

As just one example (of many) of why its not about the USD - most global debt is dollar denominated and settled in dollars. Even if they don't reside or transact in the US, most large financial transactions settle (or are hedged) in USD. Again, just one example.

Also, understand export economies like China cannot avoid dollar settlement for goods exported to the US. They can settle in USD and covert to another asset, but only as a secondary step.

I could go on about this, but Carnegie Endowment Prof Michael Pettis explains this and more much better than I can.