[GUEST ACCESS MODE: Data is scrambled or limited to provide examples. Make requests using your API key to unlock full data. Check https://lunarcrush.ai/auth for authentication information.]  EndGame Macro [@onechancefreedm](/creator/twitter/onechancefreedm) on x 39.4K followers Created: 2025-07-12 21:57:57 UTC At a moment when headlines are filled with talk of de-dollarization, BRICS alternatives, and multipolar monetary futures, this Gillian Tett piece quietly reminds us where real power still resides: in the ability to decide who gets dollar liquidity and when, how, and at what price. The real measure of reserve currency dominance isn’t in trade volume or central bank diversification, it’s in crisis response. When the world breaks, everyone still runs for dollars. The deeper question is: will the U.S. turn on the tap? For decades, dollar swap lines were an unspoken pillar of global stability. They functioned like invisible lifeboats, deployed in moments of extreme volatility like in 2008, the Eurozone crisis, March 2020. But they worked because the world assumed they would be there. That assumption is now cracking. Tett’s piece surfaces what policymakers have been whispering for months: in the next liquidity event, dollar access might not be guaranteed and even if it is, it may no longer come without geopolitical strings attached. That’s not theory, it’s happening. The ECB is already stress testing European banks for dollar exposure vulnerabilities. CEPR, one of Europe’s most respected think tanks, is now advocating for a $XXX trillion non-U.S. central bank liquidity pact to guard against the possibility that Washington might withhold swap lines. Quietly, central banks are accumulating gold, evaluating alternative rails, and reassessing the risks of relying on a U.S. liquidity lifeline that could be politicized at any moment. The most revealing passage in Tett’s article is the one that doesn’t speak of liquidity in financial terms, but in geopolitical ones: “Would Trump demand concessions on Greenland in exchange for swap lines?” That’s foresight. We are entering an era where the spigot of dollar support will be tied to defense cooperation, digital infrastructure alignment, trade positioning, and ideological loyalty. As Scott Bessent put it: finance, tech, military, and policy are now fully entangled. And the paradox is just when the world is convinced the dollar is losing influence, its scarcity becomes the very source of its power. Because no other system, not the yuan, not the euro, not gold, not BRICS FX pacts can offer what the Fed can when markets freeze: clean, deep, instantaneous dollar liquidity, backed by the full force of the U.S. Treasury and military-industrial assurance. In a world of fragmentation, the only true safety valve is the system everyone claims they’re trying to escape. This is the quiet genius of dollar dominance: it doesn’t need to win headlines or dominate trade settlements. It just needs to control access at the moment of maximum desperation. That’s not a currency. That’s leverage. And until an alternative system can match that crisis utility at scale, with speed, and without political chaos, the idea that the dollar is finished is more fantasy than forecast.  XXXXXXX engagements  **Related Topics** [asset allocation](/topic/asset-allocation) [dominance](/topic/dominance) [currency](/topic/currency) [money](/topic/money) [futures](/topic/futures) [developing economies](/topic/developing-economies) [endgame](/topic/endgame) [$xwp](/topic/$xwp) [Post Link](https://x.com/onechancefreedm/status/1944154288969629912)
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EndGame Macro @onechancefreedm on x 39.4K followers
Created: 2025-07-12 21:57:57 UTC
At a moment when headlines are filled with talk of de-dollarization, BRICS alternatives, and multipolar monetary futures, this Gillian Tett piece quietly reminds us where real power still resides: in the ability to decide who gets dollar liquidity and when, how, and at what price. The real measure of reserve currency dominance isn’t in trade volume or central bank diversification, it’s in crisis response. When the world breaks, everyone still runs for dollars. The deeper question is: will the U.S. turn on the tap?
For decades, dollar swap lines were an unspoken pillar of global stability. They functioned like invisible lifeboats, deployed in moments of extreme volatility like in 2008, the Eurozone crisis, March 2020. But they worked because the world assumed they would be there. That assumption is now cracking. Tett’s piece surfaces what policymakers have been whispering for months: in the next liquidity event, dollar access might not be guaranteed and even if it is, it may no longer come without geopolitical strings attached.
That’s not theory, it’s happening. The ECB is already stress testing European banks for dollar exposure vulnerabilities. CEPR, one of Europe’s most respected think tanks, is now advocating for a $XXX trillion non-U.S. central bank liquidity pact to guard against the possibility that Washington might withhold swap lines. Quietly, central banks are accumulating gold, evaluating alternative rails, and reassessing the risks of relying on a U.S. liquidity lifeline that could be politicized at any moment.
The most revealing passage in Tett’s article is the one that doesn’t speak of liquidity in financial terms, but in geopolitical ones: “Would Trump demand concessions on Greenland in exchange for swap lines?” That’s foresight. We are entering an era where the spigot of dollar support will be tied to defense cooperation, digital infrastructure alignment, trade positioning, and ideological loyalty. As Scott Bessent put it: finance, tech, military, and policy are now fully entangled.
And the paradox is just when the world is convinced the dollar is losing influence, its scarcity becomes the very source of its power. Because no other system, not the yuan, not the euro, not gold, not BRICS FX pacts can offer what the Fed can when markets freeze: clean, deep, instantaneous dollar liquidity, backed by the full force of the U.S. Treasury and military-industrial assurance. In a world of fragmentation, the only true safety valve is the system everyone claims they’re trying to escape.
This is the quiet genius of dollar dominance: it doesn’t need to win headlines or dominate trade settlements. It just needs to control access at the moment of maximum desperation. That’s not a currency. That’s leverage. And until an alternative system can match that crisis utility at scale, with speed, and without political chaos, the idea that the dollar is finished is more fantasy than forecast.
XXXXXXX engagements
Related Topics asset allocation dominance currency money futures developing economies endgame $xwp