小毋今天想和大家聊聊美元是如何让美国在全球经济中轻松赚钱的，以及这种特别待遇是怎么来的。查资料的时候，我发现其中的奥秘比我想象的要更有 趣。 **美元的闭环：商品换纸，纸再换商品** 那么，为什么其他国家会愿意这样做？为什么他们不自己印钱，而偏要使用美元呢？这就涉及到美元在全球贸易 中的不可替代性。拿国际贸易举个例子，假设一个东南亚国家要向欧洲国家出售橡胶，或者一个南美国家要向亚洲国家出售矿产，这时候双方通常都会选择 用美元结算。并不是说他们不想使用自己国家的货币，而是因为如果不用美元，交易方可能不接受，甚至根本无法达成交易。 早在60年代，就有重要人物揭示了这一点，而且讲得特别直白。 **60年代的真话：美元是美国的摇钱树** 最早点破美元秘密的是法国前总统戴高乐。1960年代，他曾说过一句话：美国的贸易赤字是不流眼泪的赤字。这 是什么意思呢？简单来说，其他国家的贸易赤字，意味着它们可能会面临外汇不足、经济出问题的麻烦，但美国不一样。即使它的进口远超过出口，也不必 担心。因为美元是美国自己印的，如果有问题，最多多印点纸币就行，不像其他国家那样需要为外汇不足而流泪了。 戴高乐的身边还曾有一位著名的经济顾问—— ...

Figure 1. Latest flows in DM and EM equity funds by geo focus | 14- May- 2025 | | Weekly Flow (USD bn) | | | Fund | 13W Wkly | | --- | --- | --- | --- | --- | --- | --- | | | | ETF (blue) vs non- ETF (grey) | | | Perf | Flow | | -10.0 | - | 10.0 | 20.0 | 30.0 | | | | Global | 5.2 | 5.1 | 0.2 | | 2.7% | | | North America | 20.0 | 20.5 | -0.6 | | 4.6% | | | Western Europe | 2.7 | 2.2 | 0.5 | | 1.7% | | | JP | 0.8 | 2.1 | -1.3 | | 2.3% | | | DM AxJ | -0.3 | -0.1 | -0.2 | | 1.7% | | | GEM | -0.2 | 1.4 | -1.6 | ...

Group 1 - Global stock funds experienced the smallest weekly inflow in four weeks, with only $856 million bought, compared to $6.13 billion the previous week [2] - European stock funds saw strong demand for the fourth consecutive week, with net inflows of $12.81 billion, while U.S. funds faced net outflows of $16.22 billion for the fourth week [5] - Industry funds recorded net selling for the ninth consecutive week, with a net outflow of approximately $2.6 billion, led by financial and metals/mining sectors [5] Group 2 - Global bond funds were favored last week, with a total net inflow of $11.4 billion, the highest in nine weeks, and demand for dollar-denominated bond funds rose significantly [7] - Global money market funds saw a massive inflow of $66.3 billion, the largest since February 5 [8] - Gold and precious metals commodity funds experienced a net outflow of $655 million, marking the second outflow in 13 weeks [9]