Brendan Greeley

So that's one.

That's an advantage that we've had since 1932 after the Depression, or in the Depression, we had deposit insurance.

So the second is the swap lines.

The Fed has made absolutely clear that if you're part of a responsible economy and you mark up your bank with dollars, the Fed will be there in a crisis to prop those dollars up temporarily with swap lines.

No other country offers anything like that.

China is beginning to test offering yuan-denominated swap lines.

They haven't been tested in a crisis, and they seem to come with a lot of strings attached.

The other thing going on with America, I think, is the most challenging one, which is that the last leg of the stool is stability.

America has pretty good bank regulation, pretty predictable elections, and that's something that is starting to come into question.

We don't seem as stable as we used to.

And importantly, as part of that loss of stability, we're also deregulating a lot of industries, banking among them.

So of the three legs of the stool, that's the one I worry about the most.

Yeah, absolutely.

So it's important to point out that the amount of treasuries held abroad has actually declined over the last 10 years.

But your point is still valid.

I think the challenge to that is, you know, first of all, Susan, I'm grateful that you hold treasuries as an American.

Thank you so much.

We appreciate you financing our massive debts.

But if...

If someone from abroad were to threaten the value of treasuries, were to sort of pile out of treasuries, the guns pointed at both of our heads.