While I completely agree the likliehood of the US and most of the global economy entering into a depression is quite high, why would anyone think that is going to benefit the dollar or holders of dollars? Look at history. There are thousands of years where each era had at least one reserve currency where you had depressions and the currency strengthened. That is ONLY because the currency was real money. Actual gold or silver. If you just use history in the US as an example, the depressions in the late 1800’s and 1930-1940 occurred while on a metallic monetary standard, so yes you wanted dollars, because you had deflation in those depressions. You are NOT going to have the same effect in this depression because the currency is worthless crap. This 50+ year experiment is the outlier, fiat always goes to zero. You can talk all you want about staying liquid and holding onto a reserve of dollars but except for paying your montly bills (and at a continued rate of declinning purchasing power at that) it isn’t what you want for a reserve. Gold continues to hold it’s value in purchasing power terms, and that is what you want your reserves to be in. For as long as the dollar is needed to pay expenses you can always convert some gold to do so. Stop comparing today’s situation to past US and other era depressions, they weren’t based on fiat currencies. The only path in this current fiat era is to inflate until the dollar completely collapses and we return to a gold and or silver monetary regime.