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But we saved everything 🙂.
Simon Dixon challenges the conventional understanding of US debt by arguing that Venezuelan oil will not be used to pay it down. Instead, he suggests it will benefit major companies like Chevron and Exxon, as well as the broader financial industrial complex. Dixon highlights the fundamentally different structure of the US dollar, emphasizing its inherent nature as debt, which complicates efforts to pay it down through traditional means.
Dixon's arguments around the complex structure of US debt and the mechanics of dollar-denominated obligations align with his previous examinations of currency risk, including the transition of the US dollar toward a more regional asset amid ongoing devaluation. His perspective also intersects with earlier warnings on the increased risk of bail-ins as regulatory landscapes evolve, underlining the multifaceted challenges facing global financial systems.