Lau's writing is truly lucid, importantly instructive and helpful to understanding historical context for currency development, use, weaponization, and exchange.  I am a bear of little brain but curious and

fairly patient.  'MMT only “works” if someone else is absorbing the new money' beautifullysums up so much.  But by that point in this piece I sensed Lau was heading toward analysis of what Scott Bessant has been explaining in plain English regarding substitution of stable coin for the petrodollar regime.  I recognize that Bessant is an extremely able architect of currency trading and assume that he has Trump's full confidence.  I further assume he sincerely believes this pivot will allow the US to continue magical money shenanigans in a way that is better than embracing hyperinflation in order to monetize the debt.  I don't know what the best way forward might be, but I fear that doing nothing will eventually collapse our economy in a manner that would ruin most people.  Of course in either case Family Trump and most ultra wealthy people will find a way, a plan B, etc., to stay financially secure, with self determination and privacy intact.  American financial freedom might not survive this new means of maintaining reserve status, if it comes to this.  I do think Lau's made a very good case for that prediction.  And obviously it would mean American politicians and the puppeteers behind them will still play big power politics and monetize war, on and on.  I'm against all that.  But normal Americans may well prefer more of the same than totally crashing against the wall of unsustainable deficit spending.  Of course, Yes, slowly but surely the normal Americans are withering on the vine of so-called democratic capitalism and the gap between wealthy and poor is pitifully unsustainable.  We have to change, somehow, for the better.  So, Lau, can you suggest some reforms that might happen organically and peacefully that would help replace these unacceptable predictions in favor of a real sharing of the natural wealth and abundance that is more than sufficient for we people on this planet?  I bet you can.  Hope so.