Mike Kudzel

That's what I came up with. You got something better? I think he didn't want to say capital flight because capital flight is like a big thing. It's money sprinting away as fast as it can go, typically from an emerging market country whose government has just done something fiscally reckless or like unforgivable.

So this phrase is not something that any money manager would just throw around casually. But it was the song that was in Mike's head.

So this phrase is not something that any money manager would just throw around casually. But it was the song that was in Mike's head.

So this phrase is not something that any money manager would just throw around casually. But it was the song that was in Mike's head.

Was there like some kind of tipping point that you're like, if that keeps going, we're beeped?

Was there like some kind of tipping point that you're like, if that keeps going, we're beeped?

Was there like some kind of tipping point that you're like, if that keeps going, we're beeped?

Mike told me the tipping point was when the 30-year Treasury hit one of those round numbers that just freak people out.

Mike told me the tipping point was when the 30-year Treasury hit one of those round numbers that just freak people out.

Mike told me the tipping point was when the 30-year Treasury hit one of those round numbers that just freak people out.

Interesting in a bad way. Yes. And Mike is like, okay, this is new. This map at all height.

Interesting in a bad way. Yes. And Mike is like, okay, this is new. This map at all height.

Interesting in a bad way. Yes. And Mike is like, okay, this is new. This map at all height.

A regime break, like maybe the end of the reign of the dollar, the era in which people all over the world turned to U.S. treasuries and dollars for safety in times of crisis. This could be the end of something not just for money managers like Mike, but for everyone.

A regime break, like maybe the end of the reign of the dollar, the era in which people all over the world turned to U.S. treasuries and dollars for safety in times of crisis. This could be the end of something not just for money managers like Mike, but for everyone.

A regime break, like maybe the end of the reign of the dollar, the era in which people all over the world turned to U.S. treasuries and dollars for safety in times of crisis. This could be the end of something not just for money managers like Mike, but for everyone.

For the past 80 years, the dollar has been the reserve currency of the world. And the question Mike and a lot of other people have been starting to ask is, what if that's changing? What if the world stops seeing the dollar as the safest?

For the past 80 years, the dollar has been the reserve currency of the world. And the question Mike and a lot of other people have been starting to ask is, what if that's changing? What if the world stops seeing the dollar as the safest?

For the past 80 years, the dollar has been the reserve currency of the world. And the question Mike and a lot of other people have been starting to ask is, what if that's changing? What if the world stops seeing the dollar as the safest?

And I'm Mary Childs. And like Mike, we have some questions. Because the things we talk about at Planet Money, the world of economics and finance, that world is approaching its own kind of regime break. The regime we have been under was built on some basic ideas. Things like, you know, a dominant dollar is definitely good for Americans. Global trade makes the world richer.