I think this is understood at high levels, and you can see inferences of that from Ben Bernanke

when he talked about the benefits of QE.

One of the first things out of his mouth was, well, stock prices rose.

And so if you understand that consumption's two-thirds of GDP and consumption can't rise

unless stocks are rising, you sort of arrive at this place where it's a political utility.

The policymakers have as policy,

they have to have as policy, again, because of decisions Clinton made 30 years ago,

they have to get stocks up no matter what. Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is sponsored by crypto.com and nexo.io and produced and distributed by CoinDest.

What's going on, guys? It is Friday, November 27th, Black Friday. Hope you had a great Thanksgiving

yesterday and are just relaxing today. So today we're doing a little something different.

There is perhaps no bigger question in macro than the future of the dollar status as the

world's reserve currency. The dollar is emblematic of a Brettonwood system

that simply doesn't work for so many anymore, and even many would argue has deleterious consequences

for the U.S. in terms of the robustness of national supply chains, local economies, etc.

But how did this system come to be? This is a question that I

asked Luke Gromman in his first time on the breakdown. And the interesting thing is that that

first show was in April. And we get more listens in a week now than we did in a month then. So many of you probably haven't

heard this really, really awesome conversation, this real masterclass, frankly, from Luke.

So I thought for the holiday weekend, I'd run an encore of that episode. Tomorrow we'll be back

to normal with regular original first-time run content.

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