Michael Roberts

And what will be that reserve currency that replaces it?

There is no other alternative today.

And so that's the twin issues that you have, the conundrum.

Maybe go away from dollars, but what are we going to go to instead?

Yeah, no, I think there's significant transformation going on.

And if you think there was a unipolar world with the U.S.

right in the middle of it, it still is.

And, you know, the U.S.

capital market is the most liquid of the world, still the dominant place to trade.

However, you need to look at where trade and commercial flows are going, where financial flows are going.

I would look between the Middle East and Asia as an example.

substantial increase of flows between those two regions.

And they're not flows that are necessarily coming from the West, just being transhipped through those regions.

They're actually wealth that is being rechanneled in that region itself.

I think you'll see that more and more.

I think you'll see Asia, Middle East coming together more and more.

And I think you'll have a much more balanced equation.

I don't think there'll be as a dominant...

source of financial flows that you've seen before.

And great for us, because we have to be very strong in those two regions.