> Because you can't save, you are entirely dependent, in a broader sense, on the government's stability
Do not bet on your money when your government goes down. In the current situation (China raises, switching of federal reserves from the Dollar to a more diverse bucket, a US Capitol invaded), the dollar went down from its 100% safety in the 90s to a shaky 90% currently. And that can spiral quickly when something radical happens (like a coup) and the world stops trusting the US.
Imo, the US dollar will remain the world reserve currency and the safest thing as long as the US military remain the most powerful. Sure, EU politics could be more stable but they can't defend against threats (Russia).
Also, I don't think many people, countries and businesses are going to trust China. They have a bad track record especially in crypto (detaining CEOs, freezing money, etc...). Everybody else is too small to matter (ie: New Zealand, Emirates, etc...).
Well, there is plenty of material on the federal reserves. The capability of the dollar to be so untouchable is because of that.
And to the fact that a currency is only stable as long as the country is: Well, I would say that 80% of the world population has experienced radical changes to their currencies and assets (inflation, complete devaluation, rebranding, coupling to other currencies, stock market crashes, ...) within their lifetime (for whatever reasons). Having a multi-generation-stable currency is the privilege of only a very few countries like the US, Canada, France or Germany. Looking at the history of a country will easily reveal a significant event in the last 50 years which included something destabilizing.
Even the mighty UK was crashed by a single investor (the infamous George Soros).
And again, my argument is limited to the following element: currency stability > country stability.
Do not bet on your money when your government goes down. In the current situation (China raises, switching of federal reserves from the Dollar to a more diverse bucket, a US Capitol invaded), the dollar went down from its 100% safety in the 90s to a shaky 90% currently. And that can spiral quickly when something radical happens (like a coup) and the world stops trusting the US.
Just saying: I do not trust my bank account.