The Inversion Investor

The Inversion Investor

When I Say “Dumb Money,” Do You Get It Now?

Peter Pham's avatar
Peter Pham
Feb 05, 2026
∙ Paid

A reserve currency isn’t defined by ideology, gold backing, or speeches about multipolarity. It’s defined by what the system runs toward under stress.

When volatility rises, VAR gets hit, leverage comes down, and everyone—regardless of geography or politics—needs the same thing: settlement certainty.

The USD is where liquidation proceeds park because it…

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