Robert Triffin

And that collateral has to come from somewhere.

Now, I argue and Robert Triffin argued this point.

I think you agree with it.

Correct me if I'm wrong.

Understood.

And I think there's one.

Let me make one point before I forget, because I think this is something that I think this is something that is misunderstood about the Triffin's dilemma.

So Triffin was absolutely right.

Without an empire to extract surpluses from, the US could provide the world with liquidity only by running deficits.

And this method, as was long ago pointed out by Robert Triffin, was subject to an acute contradiction or dilemma, as he called it.

The bigger the deficits, the less attractive they made the US dollar.

Testifying before Congress, the Belgian economist Robert Triffin proposed his dilemma, that is the contradiction, and these are his words the contradiction contingent upon the fact that a national currency also plays a role as an international reserve currency a sustained flow of dollars and liquidity fueling global trade implied a implied continuous and persisting deficits in the US, consequently eroding confidence in the dollar and its reserve currency role, leading to instability.

So what's being said here is that without surpluses, without colonial surpluses to export, the US could only provide the world with liquidity by incurring deficits.

Current account deficits are one sort or another.

And by the 1980s, you also had trade deficits.

So these deficits essentially made the dollar less attractive.

And this was something that ultimately became a major problem for the U.S.

This is something that, of course, we've already talked about, Robert Triffin envisioned.

And that is the reserve currency country is highly incentivized to grow deficits, spend a lot of money because everyone wants more of that currency.

But the problem is one day people will wake up and say, no mas.

Especially you're going from one type of asset to another, you need a bridge asset to provide the liquidity.

This has to do with the Triffin's dilemma.

You know, they've been trying to fix the Triffin's dilemma for a year, the global liquidity crisis.

This is why they created the XRP Ledger in the first place.

The Bitcoin story was, the Nakamoto story, was just for us to embrace it.

That's why they gave us that story.

But we know who really invented Bitcoin.

But the goal was to, you know, the end goal was just to build something like the XRP Ledger, which is on-demand liquidity, to fix the global liquidity crisis and to fix the Triffin's dilemma.