Global economy. It's not one village. The US Fed has to ensure liquidity for all global USD users, to include USD derivatives, USD denominated loans and USD de

Global economy. It's not one village. The US Fed has to ensure liquidity for all global USD users, to include USD derivatives, USD denominated loans and USD denominated trade instruments; and it has to do that at the same time trillions can sit nearly idle (not contributing to transactional velocity) on balance sheets worldwide. Impressive, no doubt and good on you though!