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It's not "dumping the dollar" that would be a concern. It's bumping US federal treasury bills (the US debt) which are mostly held by China, the UK, Luxembourg, and Canada. If the latter three just dump their T-bills in retaliation (and do nothing else) the dollar will bottom out. Also, the likely buyer is China. End result: China owns the US and the RMB becomes the new reserve currency.



China would need to remove capital controls to make this work, and that seems unlikely.

The EU would need to issue eurobonds, and that also seems unlikely.

But then this whole decade has been one unlikely thing after another, so who knows?




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