of the world and will not count on our Fed to go back to QE just because the Bank of England has to do so or that the Bank of Japan has to do so. And so, that obviously has implications on the US dollar as well. So this is a perfect setup because I want to ask the other Michael a question having to do with the negative effects that tightening dollar liquidity has on some of the European countries in the context of the war in Ukraine and the national security concerns in Europe. Quick point before I do that, the paper I mentioned written by Michael Dooley and a couple of other authors is titled US sanctions reinforce the dollar's dominance. And that's, I think NBER, it's published on the NBER's website, the National Bureau of Economic Research. So anyone that wants to check that out. So Michael, I'm curious, one of the things that I have talked about on the show multiple times, and I think Brent has also alluded to this, and I've seen Cal also make some similar statements on Twitter at (42/92)
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