I think his point is that people often blame the dollars hegemony for the US fiscal deficit when it is a question of political expediency and lack of discipline in reality that creates the massive debt. America has been spoilt by its sole super power status and it is a heavy burden to hold such power. The question of stablecoins is symptomatic of the US governments slide into expediency- USTs used to be highly desirable 'good as gold, in fact better' but today they are getting difficult to sell because everyone can see the economic and political decline America is in. Stablecoins offer a cheap and nasty quick fix to the problem of selling USTs and funding the out of control US deficit spending that has become chronic and toxic. By forcing stablecoin issuers to buy USTs the mountain of debt can be propped up a bit longer, but the rot, is nevertheless firmly established and will not be fixed but only papered over for a while by stablecoins. USAs increasing use of military aggression and war crimes signals a decline that is creating an increasingly desperate and erratic response to the problem which remains living beyond your means and failing to respond in a productive trade centred way to the changing global economy and power dynamics.
I think his point is that people often blame the dollars hegemony for the US fiscal deficit when it is a question of political expediency and lack of discipline in reality that creates the massive debt.
America has been spoilt by its sole super power status and it is a heavy burden to hold such power.
The question of stablecoins is symptomatic of the US governments slide into expediency- USTs used to be highly desirable 'good as gold, in fact better' but today they are getting difficult to sell because everyone can see the economic and political decline America is in.
Stablecoins offer a cheap and nasty quick fix to the problem of selling USTs and funding the out of control US deficit spending that has become chronic and toxic.
By forcing stablecoin issuers to buy USTs the mountain of debt can be propped up a bit longer, but the rot, is nevertheless firmly established and will not be fixed but only papered over for a while by stablecoins.
USAs increasing use of military aggression and war crimes signals a decline that is creating an increasingly desperate and erratic response to the problem which remains living beyond your means and failing to respond in a productive trade centred way to the changing global economy and power dynamics.