So much money was printed and it's floating around the world - I mean, foreign exchange reserves are huge and they have been going up, but recently they have been contracting - nevertheless, they're going up, and you have all the sovereign funds.
So, if you're running a sovereign fund, and you have a trillion dollars in assets to invest - are you going to buy the Thai Baht or the Philippine Peso and so forth? Do you understand? You have an asset allocation and the bulk will obviously be a basket of currencies, and the majority will be in U.S. dollars, and then you will hold some Euros and yen and British pounds. That's the way it is, but it may not stay that way.
If you go back to 1900, the major foreign exchange reserve currency was the British pound, and to tide it's a side show. So, I think, over time, the U.S. dollar will lose its importance.
