Crisis Reminds Us That Nothing Beats Dollars: Shawn Donnan
In the pandemic, the U.S. currency demonstrated that its unique allure remains unchallenged.
There is something about America that tends to shed fear. Its citizens occasionally tremble, but America as a whole exploits fear. It may do anger or retribution, or internal divisions built on personal fears. It doesn’t suffer from collective angst—or never for long. America is too big and brash. It does strength. It does hope and revival.
That’s a cliché, of course. But it’s why—when the global economy started its pandemic-driven collapse—the world’s investors flocked into dollars. America is that confident neighbor with the basketball court and pool out back as well as the high fence and well-stocked wine cellar/bunker. In a crisis, you want to know that neighbor. It’s safe at his place. Even if you don’t particularly like him.