Believe it or not, Beijing propped up the global financial system in the immediate wake of 2008 by pledging to spend trillions on infrastructure, including $568

Believe it or not, Beijing propped up the global financial system in the immediate wake of 2008 by pledging to spend trillions on infrastructure, including $568B in the short term [1]. Beijing also accelerated purchases of US treasuries during this crisis, with their holdings reaching a peak (over $1T total) in 2013. These surges of spending from China aligned with the burst of asset purchases (~$1T) by the US Fed. Needless to say, this is not going to happen again. China is no longer interested in propping up the USD. Instead, it is rapidly insulating its economy from toxic USD financialization, from its "dual circulation" domestic policy to its successful launching of the largest "USD-free" trade agreement ever in Nov 2020 [2]. 2008 was already a crisis that could not be managed without global cooperation. By the numbers, 2020-2021 is far worse. The $3T surge of Fed asset purchases in 2020 has been extended by ~$1.5T in regular QE policy, with no end in sight. And there is no mega economy across the ocean that is going to sacrifice itself for the USD. There's a reason George Soros, champion of neoliberalism, is having an op-ed driven public meltdown this week. Best case scenario, the global elite are conspiring to let the global USD have a nice gentle death and we won't even notice. Otherwise, we are looking at a massive crash and inflation. Do you really think this monstrosity (https://fred.stlouisfed.org/graph/?g=GFV3 https://fred.stlouisfed.org/graph/?g=GFV3) can continue forever? [1] - https://www.nytimes.com/2008/11/10/world/asia/10iht-10china.17673270.html https://www.nytimes.com/2008/11/10/world/asia/10iht-10china.... [2] - https://en.wikipedia.org/wiki/Regional_Comprehensive_Economic_Partnership https://en.wikipedia.org/wiki/Regional_Comprehensive_Economi... [3] - https://fred.stlouisfed.org/graph/?g=GFV3 https://fred.stlouisfed.org/graph/?g=GFV3