Dollar strength is nicely explained by Brent Johnson's Dollar Milkshake Theory. https://www.youtube.com/watch?v=P4lz2NF6qkc https://www.youtube.com/watch?v=P4l

Dollar strength is nicely explained by Brent Johnson's Dollar Milkshake Theory. https://www.youtube.com/watch?v=P4lz2NF6qkc https://www.youtube.com/watch?v=P4lz2NF6qkc And more broadly with zombification of EU economy and balance sheet recession as explained in Richard Koo The Holy Grail of Economics. https://www.goodreads.com/en/book/show/3689019-the-holy-grail-of-macroeconomics https://www.goodreads.com/en/book/show/3689019-the-holy-grai... The dollar in this situation is just less bad then other currencies. There is no broad demand for gold because no one has gold-denominated debts. And Weimar style hyperinflation had always been a fantasy (plus no one mentions that Weimar economy was huge impulse for modernization of German industry at the time).