Absolutely spot on @SantiagoAuFund and this is the fatal flaw in most de-dollarization narratives. People severely underestimate how much dollar-based liabilities anchor the global system. The moment the U.S. stops exporting dollars whether via trade deficits, capital flows, or Treasury issuance you create a global dollar shortage that slams everyone holding dollar-denominated obligations. 1.$13T in on-balance sheet USD debt is the visible iceberg sovereign bonds, international corporate loans, and trade financing that demand regular interest and principal repayments in dollars. Even slight dollar scarcity forces higher premiums and accelerates defaults or forced liquidation of foreign FX reserves. 2.But the real systemic fragility lies in the $70T+ off-balance sheet dollar liabilities: eurodollar deposits, synthetic funding obligations, swap lines, and shadow repo structures. These have no formal central bank safety net, no visibility, and no political cohesion to resolve. When the dollar flow tightens, it’s not just banks entire funding ecosystems freeze. 3.Then there’s the $1+ quadrillion in notional USD derivatives FX swaps, interest rate swaps, options, futures. Most of this is netted down via clearing, but the gross notional tells you how deeply interlinked the world’s risk-transfer and hedging architecture is with the dollar as the anchor asset. If USD loses confidence or convertibility, counterparty risk explodes and global liquidity evaporates. So yes, de-dollarization may be a strategic goal but absent a viable transition mechanism for liabilities and derivatives, pulling the plug on USD would be like detonating the foundation of the entire global financial operating system. Everyone would suffer. Which is why, even among critics of U.S. policy, the dollar still remains the fear-based reserve of last resort not because people love it, but because the alternative is chaos.