Why buy bad money?

Tyler Cowen asks why Asian central banks are buying US dollars hand over fist, despite the sour outlook most US economists have for both the dollar and US trade positions. He comes up with a few reasons explaining why, and then puts up an addendum that seems telling:

If I look at my own portfolio, I am doing much the same thing. I believe that most assets are overpriced and I don't know where else to put my money.

My first take is that this may also explain why brokers, investors, and entrepreneurs who know about a credit boom nevertheless take part in the economy rather than waiting it out; waiting is a cost and there isn't many other places to (profitably) put their money. Life goes on during a credit boom, too, after all.

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also, if you can get in

also, if you can get in while all the other suckers are buying and the price is going up, you can still make money, as long as you get out in time (this is how stocks seem to work sometimes.)