Steve Kamin is a senior fellow at the American Enterprise Institute and was previously the director of the Division of International Finance at the Federal Reserve Board. Mark Sobel is the US chairman of the Official Monetary and Financial Institutions Forum and is a veteran of the US Department of Treasury. Steve and Mark return to the show to discuss the status of dollar dominance, the future threats to dollar dominance, the role or lack thereof that stablecoins will play in dollar dominance, the new findings in the Treasury Foreign Exchange Report, the current state of tariffs, whether we are in a second China shock, and much more.

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Check out the transcript for this week's episode, now with links.

Recorded on March 5th, 2026

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Timestamps

00:00:00 - Intro

00:02:26 - Termites Eating Away at Dollar Dominance

00:16:52 - Future Threats to Dollar Dominance

00:19:47 - Stablecoins and Dollar Dominance

00:33:40 - Treasury Foreign Exchange Report

00:44:28 - Tariff Policy

00:53:25 - Second China Shock?

01:00:38 - Outro

Ruth Judson is a monetary economist, economic historian, and veteran of the Federal Reserve Board of Governors. In Ruth's first appearance on the show she discusses her career at the Fed, field trips tracking counterfeit dollars around the global, how we know how much currency is held overseas, why money doesn't matter anymore, the problem with cashless societies, how to understand TIC data, the promise of dollar backed stablecoins, and much more.

Watch the full length video on our new YouTube Channel!

Check out the transcript for this week's episode, now with links.

Recorded on March 4th, 2026

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Timestamps

00:00:00 - Intro

00:01:13 - Ruth at the Fed

00:08:09 - Currency

00:31:29 - Counterfeits

00:39:00 - TIC Data and Safe Assets

00:44:18 - Dollar-Based Stablecoins

00:49:55 - Outro

Bill Nelson is a chief research officer and chief economist at the Bank Policy Institute. In Bill's 10th appearance on the show he discusses his infamous email list, the ratchet effect from QE, his congressional testimony, the BPI's Bank Treasurers Survey, how he thinks the Fed should shrink the balance sheet, whether the Fed is profitable, and much more.

Watch the full length video on our new YouTube Channel!

Check out the transcript for this week's episode, now with links.

Recorded on March 3rd, 2026

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Timestamps

00:00:00 - Intro

00:02:00 - Quantitative Easing Ratchet Effect

00:16:31 - Bill's Congressional Testimony

00:31:12 - BPI's Bank Treasurers Survey

00:37:37 - How To Shrink the Balance Sheet

00:48:44 - The Fed's Profits

00:54:50 - Outro