The internet claimed that a great sell-off had begun and that the dollar’s reign was coming to an end. In reality, Japan and China remain two of the largest holders of U.S. debt, and foreign holdings of U.S. Treasury securities continue to rise worldwide. Recently, internet sources have been heralding the coming collapse of the U.S. dollar, citing claims that Turkey, China, and Japan are allegedly “dumping” the dollar. The reality is far less condemning. Turkey is selling dollars to prop up its economy during an ongoing economic crisis. Japan’s sales of U.S. Treasuries are being driven primarily by private...