Essentially. The leaders of other countries don't stuff dollars into the proverbial mattress because our central-bank T-sheet looks good. They do it because if

Essentially. The leaders of other countries don't stuff dollars into the proverbial mattress because our central-bank T-sheet looks good. They do it because if their country goes into civil war and their currency becomes worthless, they perceive our currency as least likely to do that next. It's our demonstrated force projection, our vast multinational business reach, our entanglement into the IMF (the dollar being the currency used to pay IMF debts), and a couple centuries of relatively stable democracy that pins the value of the dollar. The January 6 insurrection did more damage to the international perception of the dollar than anything the Federal Reserve is doing.