I&#x27;ve been following Mr Pettis for a while.  I don&#x27;t have a degree in economics, just a few classes and an interest.  I like how he argues from identities, but can&#x27;t vouch for his methods in the greater economic landscape.<p>I&#x27;m not sure I understand all of your argument, but would be interested in your counterpoints to point 6 of his appendix on that post.  Perhaps he&#x27;s missing some of the benefits of a reserve currency that you espouse.