But she misses the demographics. The US has some of the best demographics of the G20. Germany, Japan, and China all have much worse demographics, and will chan

But she misses the demographics. The US has some of the best demographics of the G20. Germany, Japan, and China all have much worse demographics, and will change into net spenders (i.e. retirees) instead of net savers. Within about 4-10 years (depending on the country), they will be producing less and less for export to the US. Heck, Germany’s GDP is roughly 50% exports. That’s unsustainable. US policies are turning more inward, and countries that rely on exports to us will suffer. The dollar will be strong for the foreseeable future. It may go up and down a bit, but overall it will be very high. The dynamic driving currencies is very different from even 5 years ago. As production moves out of China, they will get weaker. We have already seen peak China (and US voters will insist that drugs and PPE are produced in the US so we don’t run into a supply chain issue like we’ve seen over the past two months.) The EU banks (well, certainly the German ones) are basically insolvent. They were never recapitalized after 2008, and have limited power. So there is nobody around to challenge the US. As well capitalized consumers, the US controls their future.