Steve Kamin is a senior fellow at the American Enterprise Institute and was previously the director of the Division of International Finance at the Federal Reserve Board. Mark Sobel is the US chairman of the Official Monetary and Financial Institutions Forum and is a veteran of the US Department of Treasury. Steve and Mark return to the show to discuss the status of dollar dominance, the future threats to dollar dominance, the role or lack thereof that stablecoins will play in dollar dominance, the new findings in the Treasury Foreign Exchange Report, the current state of tariffs, whether we are in a second China shock, and much more.
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Recorded on March 5th, 2026
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Timestamps
00:00:00 - Intro
00:02:26 - Termites Eating Away at Dollar Dominance
00:16:52 - Future Threats to Dollar Dominance
00:19:47 - Stablecoins and Dollar Dominance
00:33:40 - Treasury Foreign Exchange Report
00:44:28 - Tariff Policy
00:53:25 - Second China Shock?
01:00:38 - Outro
