system. And to the extent that you have volatility, the Russian crisis, the Asian crisis, the Mexican crisis, the Argentine in default, they all happen in the periphery. 2008 was a great shock to that system, because the crisis happened originated in the US. 2017 was another shock to this system, because under President Trump, the US pivoted very suddenly to an America First model. And then today, there's a third shock to that system, which is that the Federal Reserve is in the midst of making a policy mistake. And that is the world's most powerful central bank. So the other thing that's happened to our global system that has made it less stable, more fragmented, that has made multilateralism much harder to pursue, is that the implicit contract itself is trusted by fewer people, or at least is not trusted as much as it was before. So what does that mean for the position of a dollar? And also, what does it mean for other, let's say currency like either foreign currencies of an emerging (34/43)
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