When it comes to the future of the dollar status as the world's reserve currency, the most important chart may be the fact that the US is now so woefully buried in debt that another global military conflict appears inevitable...
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... or that it now takes virtually unlimited monetization of the debt shown above to preserve the illusion that the US is not bankrupt, pushing the S&P to record highs in the process...
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... or that the marginal impact of every additional dollar in new debt generates increasingly less economic growth?
Indeed, the "most important chart" may very well be any of the above, but in our view the one chart which, both literally and metaphorically, will determine how much longer the USD will reign as the world's reserve, is the following.
