"Every perception is to some degree an act of creation, and every act of memory is to some degree an act of imagination."
-- Gerald Edelman, Second Nature: Brain Science and Human Knowledge
4 Other exogenous shocks such as acts of nature6 Other exogenous shocks such as acts of natureOther exogenous shocks such as acts of naturePeople being able to work well together, united behind a common view of how they should be togetherThe items that are most important in making a great empire are…The War with Ourselves: The Enemy Is UsChapter 7: US-China Relations and Wars2020-10-18Journal
\[8\] The shares of US-dollar-denominated debt are large in relation to a) the percentage of asset allocations that international investors would hold to balance their portfolios well, b) the sizes of reserve currency holdings that are appropriate to meet trade and capital flow funding needs, c) the sizes of the US debt market capitalizations relative to other markets’ capitalizations, and d) the size and importance of the US economy relative to other economies. Dollar-denominated debt is now disproportionately large because the US dollar is the world’s leading reserve currency, which makes it perceived as a safer asset than it really is, and because US dollar borrowings have been disproportionately large. Now, most of those who are responsible for determining what the shares of their holdings should be in different markets are not inclined to increase the shares in line with the greater amounts of US bonds to be sold and are in fact considering reducing their shares held in US debt, which, if it happens, will require larger purchases by the Federal Reserve.