USD strength is a double-edged sword. As the US has become the destination of choice for asset managers, it squeezes those with unfunded USD liabilities. The current set-up is unsustainable. Given how strong USD has been recently, the bull case for the USD needs to be re-examined. Below I do just that and conclude that the bull case remains as strong as ever. Strong that is, until the realisation dawns that the days of a USD based system are numbered. Triffin’s Dilemma is exacerbating the instability of our global financial architecture.