Ezra Klein

Vance, who, you know, said, like, the real intention of Trump's second term was he will vet everybody to make sure there's nobody who's going to stand in his way. Elon Musk and Russ Vought are sort of out there trying to traumatize the federal bureaucracy, destroy any deep state resistance or, frankly, just any deep state capacity.

Vance, who, you know, said, like, the real intention of Trump's second term was he will vet everybody to make sure there's nobody who's going to stand in his way. Elon Musk and Russ Vought are sort of out there trying to traumatize the federal bureaucracy, destroy any deep state resistance or, frankly, just any deep state capacity.

And so you have people around Trump now who are accelerants, not inhibitors. And this is what you get when you get a bunch of people telling Trump, no, no, no, go further. You're right. You've always been right. You were saved from an assassin's bullet by God to make this country great again. Follow your instincts. Don't listen to the markets, the naysayers, the critics, the media.

And so you have people around Trump now who are accelerants, not inhibitors. And this is what you get when you get a bunch of people telling Trump, no, no, no, go further. You're right. You've always been right. You were saved from an assassin's bullet by God to make this country great again. Follow your instincts. Don't listen to the markets, the naysayers, the critics, the media.

They don't know anything. Like, if we've learned anything, it's that your judgment is right.

They don't know anything. Like, if we've learned anything, it's that your judgment is right.

So behind all this, there's been a set of theories that have taken root that are not well expressed in the tariffs, but I think have become increasingly influential in Washington, in the media.

So behind all this, there's been a set of theories that have taken root that are not well expressed in the tariffs, but I think have become increasingly influential in Washington, in the media.

You know, I hear talk of this Mar-a-Lago accord, and they have a lot to do with this idea of the dollar and whether or not having the dollar as a world's reserve currency has led to the deindustrialization of America. And so when I hear then people in the Trump administration begin to say, well, what we're doing here is a fundamental realignment of the global financial system.

You know, I hear talk of this Mar-a-Lago accord, and they have a lot to do with this idea of the dollar and whether or not having the dollar as a world's reserve currency has led to the deindustrialization of America. And so when I hear then people in the Trump administration begin to say, well, what we're doing here is a fundamental realignment of the global financial system.

While it may all start with Donald Trump's intuitions, I think it's made a lot of them very ambitious. This idea that maybe they can be part of the next Bretton Woods, that there's something you can do here. Can you talk through, for people who are confused by it, what is the role of the dollar here?

While it may all start with Donald Trump's intuitions, I think it's made a lot of them very ambitious. This idea that maybe they can be part of the next Bretton Woods, that there's something you can do here. Can you talk through, for people who are confused by it, what is the role of the dollar here?

How should we understand the relationship between the dollar being the world's reserve currency and America losing some of its manufacturing base, if there is one?

How should we understand the relationship between the dollar being the world's reserve currency and America losing some of its manufacturing base, if there is one?

Thank you. Thank you. Thank you.

Thank you. Thank you. Thank you.

Thank you.

Thank you.

Thank you. Thank you.

Thank you. Thank you.