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Big economies can carry high debt because global crises create safe-asset demand (Treasuries) and because a shadow reserve system (gold & commodities) keeps liquidity flowing outside the public ledger. Conflict → higher gold flows to hubs (Dubai) → Swiss bars → Western financial channels. Fear → bid for safe assets: money rotates into USD/Treasuries, ironically lowering funding stress for the US despite rising debt. Aid cuts to Africa don’t fix conflict; they often increase illicit extraction (g