The Global Reserve Currency and the US Markets

The US markets don't operate in a vacuum, clearly, because we're the global reserve currency. Powell is trying to redemesticate the dollar in many ways that the eight, at the beginnings of the age or the end of the world of theglobal reserve currency is beginning. It's not that it's going to be gone tomorrow or anything like that. But we're at that transition period in the transition period from one monetary policy to another. And we have to deal with the recession because the recession is clearing out all of the dross from the ridiculous boom of the zerp and QE years.