I don’t think that’s the essence of it at all. Is it helpful to be the reserve currency? Hugely yes, it gives the society a buffer it otherwise wouldn’t have.

I don’t think that’s the essence of it at all. Is it helpful to be the reserve currency? Hugely yes, it gives the society a buffer it otherwise wouldn’t have. And that buffer is very, very valuable. But having a buffer misses the mechanics. It all comes down to one thing: Are the investments we are making returning at a competitive rate? Any country where that answer is NO for a long enough time is going to have a reckoning.