>It just seems to me that the problem is the exact opposite of a mass
>dumping of US assets.
What Rakesh seems to be saying here is the sort of unnatural willingness of other countries to hold dollar denominated assets. This may be partly a hope that the US economy being the most central of the world system will continue to go on, and pain is more likely to be felt in more marginal areas of the world. But it broadly is an expression of the fact that the dollar is also the "money of the world" in Marx's phrase. And for that purpose it is not a disadvantage to be overvalued.
Chris Burford
London