Welcome to Bankless, where we explore the frontier of internet money and internet finance.

And today we are exploring the continuing saga of the Liberation Day tariffs.

On the show today, I have a traditional finance commentator, Rana Faruha.

She's a F.T. columnist. She's a CNN economic analyst.

And she has a wealth of knowledge on capital markets and geopolitics.

We start their conversation today discussing Donald Trump attempting something that no one

has ever attempted before, which is materially, credibly attempting to unwind the global

world order by upending the Triffin Dilemma, threatening the US dollar as a global reserve currency,

and for the first time in decades, making material pushes to restore

manufacturing back to the United States. Is this good or bad? What are the costs of doing this?

Do they outweigh the benefits? What are the stock market, the bond market, and the dollar strength

index signaling about these strategies? Rana alikens the decisions of Donald Trump to treating

America's capital markets much more like an emerging economy, and we discussed the consequences of that, both good and bad.

Rana is not the usual commentator that we typically have on bank lists, but she nonetheless delivered a particularly educational and insightful interview.

And it was an honor to have her on the show. So let's go ahead and get right into the interview with Rana Faruhar. But first, a moment to talk about some of these fantastic sponsors that make the show possible. Imagine verifying yourself without handing over personal data. No hacked databases, no unnecessary personal exposure for AirDrops, and no AI bots ruining community governance. Meet Self, the on-chain identity verification protocol built for privacy and control.

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