charles kindleberger is with a great currency thinkers of the 20th century. lot of credit branch and woods. i think kindleberger was a big part of that. at the time a between the u.s. and sterling he called it the important pair. i think we've got to rethink the important the c and h. when you go to reserve currency status in the history of the world 76 reserve currencies. tell him that all the former reserve currencies have in common? a portable, spain, holland, france, uk. they were also security zones. ho lose reserve currency status? especially spain? they got highly leveraged and could no longer support their military. so when you tell me people in the biden administration's of course you want to keep reserve currency status. but their 10 year budget projection calls for fence. in a world that seemed if anything defense spending needs to rise you cannot keep your reserve currency status if you lose the defense umbrella >> you are an admirer of the late chinese prime minister face of the stagnant economy and persistent deflation his agenda for economic re