What caused Donald Trump to walk back on many of his tariffs last week was not domestic pressure but a run on the market for US Treasuries led by large institutional savers. If US debt is no longer a safe asset, then American hegemony is also at risk.
The global dollar system is not at all fragile. Not even close. It’s rock solid. But that doesn’t mean it’s impervious to dynamite and stupidity.
Yeah, like you can ‘expose fragility’ in a lot of things if you swing a sledge hammer.
It needed an extremely dumb move to damage it.