Mike Kudzel

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.

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.

It's in America's interest to be the world's cop. Federally funded research pays off. You know, that kind of thing.

It's in America's interest to be the world's cop. Federally funded research pays off. You know, that kind of thing.

It's in America's interest to be the world's cop. Federally funded research pays off. You know, that kind of thing.

So this is something we're going to keep covering over the next few months, an occasional series. Let's call it Pax Americana, about that post-war balance that had put the U.S. at the center of the economic solar system and how that might be changing.

So this is something we're going to keep covering over the next few months, an occasional series. Let's call it Pax Americana, about that post-war balance that had put the U.S. at the center of the economic solar system and how that might be changing.

So this is something we're going to keep covering over the next few months, an occasional series. Let's call it Pax Americana, about that post-war balance that had put the U.S. at the center of the economic solar system and how that might be changing.

So a reserve currency is one that countries around the world hold in reserve in the vaults of their central banks and in bank accounts of their central banks. They can hold any currency or they can hold some of this and some of that. The idea is they need to keep their trillions of money somewhere safe to store value until the day when they need to spend it.

So a reserve currency is one that countries around the world hold in reserve in the vaults of their central banks and in bank accounts of their central banks. They can hold any currency or they can hold some of this and some of that. The idea is they need to keep their trillions of money somewhere safe to store value until the day when they need to spend it.

So a reserve currency is one that countries around the world hold in reserve in the vaults of their central banks and in bank accounts of their central banks. They can hold any currency or they can hold some of this and some of that. The idea is they need to keep their trillions of money somewhere safe to store value until the day when they need to spend it.

One way a central bank stores another currency is by buying that country's debt. Because for all intents and purposes, if you're holding U.S. treasuries, you're holding dollars. Same for Japanese government debt. You're holding Japanese yen, etc.

One way a central bank stores another currency is by buying that country's debt. Because for all intents and purposes, if you're holding U.S. treasuries, you're holding dollars. Same for Japanese government debt. You're holding Japanese yen, etc.

One way a central bank stores another currency is by buying that country's debt. Because for all intents and purposes, if you're holding U.S. treasuries, you're holding dollars. Same for Japanese government debt. You're holding Japanese yen, etc.

Thank you for joining me today.

Thank you for joining me today.

Thank you for joining me today.

Currencies are his thing. Because Ishwar spent 17 years at the International Monetary Fund, which lends dollars to developing economies. So a lot of his life has been watching dollars flow all around the world. And he has seen the dollar's dominance on a more micro level. Like sometimes when he's been traveling, he has found himself without the local currency.

Currencies are his thing. Because Ishwar spent 17 years at the International Monetary Fund, which lends dollars to developing economies. So a lot of his life has been watching dollars flow all around the world. And he has seen the dollar's dominance on a more micro level. Like sometimes when he's been traveling, he has found himself without the local currency.

Currencies are his thing. Because Ishwar spent 17 years at the International Monetary Fund, which lends dollars to developing economies. So a lot of his life has been watching dollars flow all around the world. And he has seen the dollar's dominance on a more micro level. Like sometimes when he's been traveling, he has found himself without the local currency.