There is no excess of money "being printed." There is actually a reduction in supply, because of the way the system works. The quantity available depends on the

There is no excess of money "being printed." There is actually a reduction in supply, because of the way the system works. The quantity available depends on the flow, and the flow is greatly reduced. The source of the flow of dollars is changing, because businesses are shut down, so dollars are flowing more directly from the Fed, which is trying to make up for the loss of flow elsewhere in the economy. Gold prices are up because of the collective fiction around the idea of "assets" and "store of value." There is no risk of loss of "reserve currency" status. There is always jostling around relative currency valuations, but the Fed has only strengthened its position as world premiere source of liquidity. And for the west there is no viable alternative.