Some people think that there has to be an alternative reserve currency to go to for this flight to happen, but that’s not true as the same dynamic of the breakdown of the monetary system and the running to other assets has happened in cases in which there was no alternative currency (e.g., in dynastic China and during the Roman Empire). There are a lot of things people run to when money is devalued, including rocks (used for construction) in Germany’s Weimar Republic.
