Japan just [intervened](https://www.cnbc.com/2026/04/30/yen-surges-as-japan-reportedly-intervenes-to-counter-currency-weakness.html) to defend the yen while $GOOG and $META announce massive AI capex sprees — a toxic combination that's triggered every major dollar funding crisis in recent memory. When foreign central banks start drawing lines in the sand against dollar dominance, the global liquidity tide is already turning.

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