the unthinkable could never happen until it does. towards the end, the only thing that keeps it from happening is the widespread belief that the unthinkable could never happen. meanwhile the foundation beneath continually deteriorates and eventually gives way, then everyone realizes they believed in a house of cards, then things change on a dime.
who knows where we are on the arc of the U.S. dollar as reserve currency, but it’s undeniable that the fundamental underlying U.S. treasury debt has continually deteriorated for decades upon decades.