The 2008 global financial crisis originated in the US subprime mortgage market but caused shockwaves throughout the entire financial system. Ironically, the biggest winners were the instigators themselves—the US dollar became even more valuable.

Data from that time clearly illustrates the point. From September to October 2008, net capital inflows into the US securities market exceeded $500 billion, more than three times the amount in the previous nine months. US Treasury bond prices soared, and the US dollar appreciated significantly against other major currencies. What does this indicate? When the market is stable, the US dollar depreciates slowly, but once a crisis hits, global capital floods into the US dollar as a "safe haven."

Honestly, this can be traced back to 1944. The US led the establishment of the Bretton Woods system, inviting 44 countries to participate in the international monetary and financial conference. The core of the agreement was simple: the US dollar was directly linked to gold, with one ounce of gold equal to 35 USD, and other currencies pegged to the dollar with fixed exchange rates. This move elevated the US dollar to a status equivalent to gold.

Although this system began to change before 2013, the global reserve currency landscape has not seen significant shifts to this day. The most noticeable change comes from the RMB—after entering the SDR basket in 2016, the global reserve share increased from less than 1% to now 3.5%.

The question is: what kind of risks do economies tied to the US dollar actually face? This is a topic worth pondering.