The world is using more US Dollars than ever: Offshore US Dollar deposits held in banks outside the US are up to a record ~$14.5 trillion. This is +220% more than the ~$4.5 trillion held at the beginning of the century. By comparison, only ~$3.5 trillion worth of euros are held in offshore banks, outside the Eurozone. And, the Fed and domestic commercial banks hold over $19.0 trillion. This means offshore US Dollar deposits are now equivalent to~43% of US domestic bank deposits, with no other currency coming close to this percentage. Global demand for USD is incredibly high.(The Kobeissi Letter)