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USD Hegemony: All Fiat Reserve Systems are Global Swap Lines

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Not Costless

USD Hegemony: All Fiat Reserve Systems are Global Swap Lines Not Costless John Doe Apr 24, 2026 32 7 1 Share This is an expansion on Part 9 of our ongoing Iran War coverage. The academic and institutional literature on swap lines treats them exclusively as liquidity stabilization tools. The framing is always “The Fed provides dollars to prevent a dollar shortage that would cause financial instability.” The implicit assumption throughout is that swap lines are costless to the issuer because the dollars are lent, not spent, and they come back with interest. 1.0 Governing Global Liquidity: Federa

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