Josh Barro

And I think that it hasn't really settled in for people that this is what the administration is trying to do.

And I think that it hasn't really settled in for people that this is what the administration is trying to do.

I mean, a lot of people are quite invested in that system around the world. The cost of changing it is substantial. The Eurozone is not without problems of its own, although I'd probably rather be them than us right now. And so, you know, I don't want people to think that it's like it's gone.

I mean, a lot of people are quite invested in that system around the world. The cost of changing it is substantial. The Eurozone is not without problems of its own, although I'd probably rather be them than us right now. And so, you know, I don't want people to think that it's like it's gone.

I mean, a lot of people are quite invested in that system around the world. The cost of changing it is substantial. The Eurozone is not without problems of its own, although I'd probably rather be them than us right now. And so, you know, I don't want people to think that it's like it's gone.

And the moves that we've seen in interest rates and in the exchange rate, it's material, but it's not like shockingly large. Like we've gone from, what is it, 153 yen to a dollar to 145 or something like that. This is not outside the range of of where these currencies have traded in the past.

And the moves that we've seen in interest rates and in the exchange rate, it's material, but it's not like shockingly large. Like we've gone from, what is it, 153 yen to a dollar to 145 or something like that. This is not outside the range of of where these currencies have traded in the past.

And the moves that we've seen in interest rates and in the exchange rate, it's material, but it's not like shockingly large. Like we've gone from, what is it, 153 yen to a dollar to 145 or something like that. This is not outside the range of of where these currencies have traded in the past.

So I don't want people to think that we are in, you know, that we're already headed into a global economic depression and things can't be turned around. I think what we're seeing from the markets is a significant warning sign. And I think it entails some risk that that system could unravel, but I don't think it has unraveled yet. I don't think it's set out on an unstoppable path toward unravel.

So I don't want people to think that we are in, you know, that we're already headed into a global economic depression and things can't be turned around. I think what we're seeing from the markets is a significant warning sign. And I think it entails some risk that that system could unravel, but I don't think it has unraveled yet. I don't think it's set out on an unstoppable path toward unravel.

So I don't want people to think that we are in, you know, that we're already headed into a global economic depression and things can't be turned around. I think what we're seeing from the markets is a significant warning sign. And I think it entails some risk that that system could unravel, but I don't think it has unraveled yet. I don't think it's set out on an unstoppable path toward unravel.

It's higher than zero.

It's higher than zero.

It's higher than zero.

And this is also, I mean, Matt Iglesias makes this point eloquently a lot, which is that, you know, there's a lot of things that probably won't happen under Donald Trump, but that are, you know, have a high enough probability of happening that it's very concerning.

And this is also, I mean, Matt Iglesias makes this point eloquently a lot, which is that, you know, there's a lot of things that probably won't happen under Donald Trump, but that are, you know, have a high enough probability of happening that it's very concerning.

And this is also, I mean, Matt Iglesias makes this point eloquently a lot, which is that, you know, there's a lot of things that probably won't happen under Donald Trump, but that are, you know, have a high enough probability of happening that it's very concerning.

If a negative event might have happened 10% of the time, that's something you should still concern yourself with even though you are not forecasting that it is going to happen.

If a negative event might have happened 10% of the time, that's something you should still concern yourself with even though you are not forecasting that it is going to happen.

If a negative event might have happened 10% of the time, that's something you should still concern yourself with even though you are not forecasting that it is going to happen.