> It was post-Cold War and central banks were trimming USD reserves to test alternatives. This is the problem though. In 1994 central banks were trimming USD t

> It was post-Cold War and central banks were trimming USD reserves to test alternatives. This is the problem though. In 1994 central banks were trimming USD to test alternatives. Not because something was wrong with the USD itself. Today, central banks are trimming USD To test alternatives because the USD itself has lost value. Any flight to stability will necessarily not use as much USD given that it’s far less stable than it was 3 decades ago or even 3 quarters ago.