The thing also is everyone is just as, if not more F!(@#@ up than the United States. So there’s no where better to go besides dollar.
So yeah the Dollar is the best, but as the great Dennis Miller says “that’s like being Valedictorian at Summer School”
The Federal Reserve is chartered by the US Government to manage the US money supply by funding the purchase of Treasury bonds by the Fed member banks. The Fed votes on the bond interest rate that it will pay which sets the ask price from par and the member banks bid for the supply by offering their best price, hoping to sell them for more to the public bond market. If they don’t win the bid they have nothing to sell so they compete for their share pretty aggressively.
When the Fed stops buying and lets its holdings “roll off” (expire) the money is no longer circulating in the money supply. This is what is happening now. The loss of new supply (liquidity) means the banks have less and less to sell creating a supply chain problem and loss of revenue.
All this could be fixed with a keystroke by the Fed tomorrow. They are fixated by the supply chain/energy crisis induced inflation rate and are starving the banks of the product they must sell to make money. This is the entire crisis in a nutshell.