Powell unprecedented rule of law blah blah, but about a year ago I was having lunch with a few former economists from GIC (Singapore's sovereign wealth fund, among the world's largest): 1. They hold a ton of USD and they've basically baked us inflating the debt away into their models. 2. Despite that, they can't buy anything else, so we basically have a hall pass to do it. What are you going to do, buy euros? nothing to invest in. buy RMB? can't trust it. Buy gold? Doesn't work for trillion $ sovereign wealth funds. Alas.