On the other side of trade deficits and trade wars are capital and capital wars. If you take the conflicts, you can't ignore the possibility that capital wars.

We at least need to talk about those possibilities and find out who is buying and selling what that is behind these market movements.

When you have conflicts, international geopolitical conflicts, even allies do not want to hold each other's debt. They prefer to go to a hard currency. This is logical and it's factual and it's repeated throughout history.