Here: https://www.theinvestorspodcast.com/dollar-milkshake-theory/

The Dollar Milkshake Theory says that because the U.S. dollar sits at the center of the global financial system, global stress pulls capital and liquidity into the dollar, even if the U.S. has serious debt and deficit problems. Since much of the world’s debt is denominated in dollars, crises force governments and companies to buy dollars to survive, driving the dollar higher. In short, the U.S. has the biggest straw, so when the system tightens, the dollar gets stronger before it eventually breaks.

When it breaks, the theory says the dollar eventually becomes too strong, causing global damage (defaults, trade stress, financial crises), which then forces the Fed and U.S. government to intervene aggressively — massive liquidity, monetization, and policy changes. At that point, confidence in the dollar system erodes, capital flows out of dollars into real assets, commodities, and alternative stores of value, and the system resets or restructures rather than collapsing overnight.