Swap line access can only be weaponized against foreign governments if three constraints are absent: (1) dollar fungeability (once printed, dollars are fungible and cannot be controlled), (2) US trade deficits (which means dollars flow to other countries regardless of swap line policies), and (3) the US Treasury market must function. As long as these three remain binding, weaponizing swap lines is ineffective.
causalpending
Speaker
Luke GromanEvidence Quote
“Fungeability of US dollars, number one, number two, US deficits, and number three, the US Treasury market.”
Source
Why is high debt different now v. prior instances of people “fear-mongering” about the debt?— Luke Gromen - FFTT, LLCCreated: 8/11/2026, 7:46:30 AM
My Notes
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