Just to be clear, there’s a reason this chart cuts off in mid 2022. What the authors are doing is saying “well the dollar is stronger vs. other currencies. Let

Just to be clear, there’s a reason this chart cuts off in mid 2022. What the authors are doing is saying “well the dollar is stronger vs. other currencies. Let’s equate that with those other currencies being worth more in our hypothetical baseline.” This is a bad analysis because 1) exchange rates aren’t like inflation. They move in random directions, so “correcting” the way they did is sort of nonsensical (if they extended the analysis to now, the US would be rapidly gaining share as the currency weak waned) 2) Currencies change value due to supply and demand. The dollar became strong because demand increased, but in this model that causes the dollar to lose share. 3) Add Argentinian pesos to this list and it’s the worlds true reserve currency.