The dedollarization talk the last 10 years has always been stupid. I’ve said that numerous times on here. When people were wigging over the BRICS currency, I said it was dumb then too. And got shouted down. Fact is in the first week of this conflict, there was direct, observable flows of $60B into the $. Global developed and EM saw huge capital outflows. Dollar index saw large moves and significantly outperformed the other safe havens - yen, CHF, and gold. While it’s not directly measurable as flows into the $ (happens via FX swaps, hedging adjustments, reserve repositioning, derivatives, etc.), when you see moves like that it’s pretty indicative of hundreds of billions in FX repositioning to the $. So, at the height of recent uncertainty geopolitically and for the current iteration of US leadership, the flight to safety still flowed to the dollar. Begs the question - why? And what is going to change that?