It’s funny that people are reacting with shock and horror and exposing themselves as economic illiterates who have never encountered the argument. Read anything by Miran, Pettis, or Alden. Look up the Triffin Dilemma and dollar Dutch disease.

Is there a real debate to be had here? For sure. I probably lean against Vance here on net. But it’s sophistry to pretend that he’s not pulling on an established intellectual thread here.