Ken Moraif 

Hello everyone, and welcome to the retirement planners of America Podcast. I’m so glad you are with us. I hope this podcast finds you healthy, wealthy and wise. Before we get going, we’re going to be talking about, could the dollar disappear as the world’s reserve currency? Oh my gosh. What are the repercussions of that, and how likely is it? And before we get going, let me introduce myself. I am Ken Moray, from the founder and CEO of retirement planners of America, and as the name implies, we work with people who are within five years of retirement or who are within the first five years of their retirement. So if you’re in that decade, then everything we do is designed for you. And also these podcasts are driven by questions that we get from our over 4000 clients that we work with. And one of the big questions right now see is, you know that the dollar seems to be getting hurt with the tariffs and all the things that are going on is the dollar at risk of being the world’s reserve currency? Is it? Are we headed for bad times because of that? So we’re going to discuss that in this week’s, in this week’s podcast, and so I’m going to bring Jordan Roach into the conversation, our Chief Investment Officer. And so let’s, let’s kind of set the stage first of all, okay, okay, before we go into all of this, and you know, currently, the dollar, the US dollar, is the world’s reserve currency. And for people who don’t know what that means, the world’s reserve currency essentially means that we are the world’s savings account, right? We’re the world puts all their money like if they want to put it in savings, just like you and I might put money into a savings account. That’s right. The whole world needs a place to put their money, and it needs to be safe. It needs to be politically safe. It needs to be safe from corruption and all those things, and you’re not going to lose all your money overnight. Yes. So that’s why, right now we are the world’s reserve currency, right?

Jordan Roach 

Yes, that’s exactly right. I mean, right now we, and we have been for some time, which I’m sure we’ll get into, but we are the world’s reserve currency. And people countries maintain reserve currencies, which is usually, you know, outside of us, different from our own currency, because it helps them with trade deficits and account deficits, to make sure that their currency is can be stabilized in their economic order can sustain itself, and we’ve been fortunate for our currency, our country’s currency, to maintain that status for quite some time.

Ken Moraif 

And this is a blessing and a curse, right? I mean, because we can print as much money as we want, because we’re the world’s reserve currency, right? We create the money that the world operates on, yes, and so we can print as much as we want. We can borrow and print and borrow and print. Not everybody can do that because they don’t have

Jordan Roach 

dollars. The French, back in the 60s called that the US is exorbitant privilege. Actually, their finance minister, of course they would, they would. They don’t like us very much, and they’re always mad at somebody. But that’s right, it’s basically allowed us, our country, to borrow dollars very, very cheaply for a long time, and we can then use those dollars to invest in our economy. We can use those that’s why we can maintain deficits. And it’s largely okay. And so it’s we benefited.

Ken Moraif 

Sure, as long as we’re the reserve currency, there’s almost no limit to how much money we can

Jordan Roach 

print, right? And I think that’s right. And that’s where all these, you know, we get questions all the time of, how can we maintain these deficits? Got to end. It’s got to end. And the reason we’re kind of beyond, like the beyond theory, is because no one knows what that looks like. You know the extent that reserve currency allows a country to spend its way into at all trouble.

Ken Moraif 

Okay? So let’s go back in history. So let’s start off by addressing the fear the dollar has declined here recently, right and but it still accounts for what 50, 60% of the global currency reserves right now. So trillions of dollars are the biggest bank account in the

Jordan Roach 

world right now. We sure are. And there’s more dollars effectively held outside of us than we hold of our own dollars, you know, the trillions and trillions of dollars. And so we’re about, you know, US dollars, about 60% of global reserves. So there are other players, but we are, by far,

Ken Moraif 

the Chinese putting their money into the bond treasuries, right? So they’re putting their money in our bank account. This is even the Russians. Russians do the Japanese do it. The Europeans. Oh, yeah, money here because we’re, quote, unquote, the the cleanest shirt, the safest place to have your

Jordan Roach 

money, that’s right? And so, you know, I think a lot of times people look at it, there are three ways to look at this. Is we are the world’s currency reserve, people, holding countries holding us dollars, right as a savings account. Countries transact, you know, settle, settle. Transactions, trade in US dollars. And then you have, you know, other other, even commodities that are pegged to US dollars. And all this like oil, like oil, oil is almost is always quoted in US dollars.

Ken Moraif 

Yes, okay, so let’s go down memory lane. And you know, we have not always been the world’s reserve currency. No, no, not at all. Yeah. England was before us, right? And then there were others in the

Jordan Roach 

past, that’s right. So typically, you know, you go throughout history and really world, you know, currency reserves, probably you don’t have a lot of history till you give up, maybe the 16th century, and that’s where you had, you know, the Spaniards and their peso, the silver peso, was pretty much the currency, and it’s usually coincides with who in that time is the world economic and military power. Largely was military, and now economic, we were kind of economic, then became military. But you’re the Spanish, then you had the Dutch, you know, you Dutch East India, into India Company. They dominated. They dominated for about a century. For a brief period of time, the French had that. The French

Ken Moraif 

is interesting because I forget which King it was. I think maybe one of the King Louis, how many they had, but one of those, King Louis, he actually invented the bond market because he wanted to build all these fancy palaces and all this stuff. He wanted to finance his war. And what he did was he said, You know, I am anointed by God, right? You know God, God made me King, and therefore I can never default on my on my debt, and so I can borrow from everybody in the world. And everybody was like, Well, you know, it’s true, France is the most powerful economy, the most powerful military. He’s the king. He’s anointed by God. And so he borrowed tremendous amounts of money to finance all the beautiful you know, that he built, yeah, and the wars that he was financing, yes. But eventually, what happened was that people said, Wait, he he’s unable to pay this back. And all of a sudden he was no longer the world’s reserve currency, yeah. And then England took over,

Jordan Roach 

yes. Went to England. And the in the Sterling, or the pound, really, the sterling is a unit of pounds. And that really went from 1819, you know, 18th century, late 17/18, into early 19th and 20th century. You had that the pound kind of leading the charge. And really, I think where some people say it started changing a little bit was World War One, World War One. And then, certainly afterwards, which we’ll talk about.

Ken Moraif 

England lost its global presence after World War One, and the United States emerged as a new superpower. And so our economy became the place where you would want to put your money. That was the safest place in the world to put it

Jordan Roach 

Yes, and that was happening naturally, right? There was no official line in the sand coming through World War One, but that’s where you started seeing the pound lose its status

Ken Moraif 

a little bit. So after World War One, and then we had Bretton Woods. Bretton

Jordan Roach 

Woods, yes, so post World War Two, again, the whole world economic order was just in disarray. You had all of Europe that was, you know, dismantled effectively. So what you had was, yeah, the Bretton Woods system was put in place. And that was 44 countries, I think, came together just basically to say we have to stabilize currencies. We don’t want currency wars as now, everybody’s playing different games trying to come out of the ashes here. And so the US dollar, you know, we’re already a huge power at that point, and our country was not decimated. Um, was basically given the right to be the the reserve currency. And stipulation there was, it also would then be pegged to gold, right? So the US dollar came through alongside gold, and US dollars could be converted to gold, and the gold is

Ken Moraif 

to limit the supply, right? Because if it’s pegged to gold, is only a certain amount of gold in the world, and therefore the dollar could not go crazy.

Jordan Roach 

That’s right. In theory, those two are lockstep, and then gold was exchanged. You get 35 an ounce was kind of what $1 could be exchanged in gold

Ken Moraif 

for. Of course, Richard Nixon changed all of that, didn’t he? That’s

Jordan Roach 

right. I mean, that system really it. I think that happened in 1944 is when they started meeting the system that actually go in place, really, for like 15 years. And then once it was in place, it collapsed within like, a decade, you know, Nixon, in 71 said we’re no longer we didn’t really collapse Britain, you know, Bretton Woods, officially, but Nixon said we are no longer being pegged to gold.

Ken Moraif 

Yeah, we don’t want that. We want to be. There’s no gold standard. All the money we want. We can’t be limited to this.

Jordan Roach 

There were problems. There were problems coming through, right? And the issue, actually, at the time, was there were more dollars being exported. You know, as world orders picking up, global trade is picking up, there are more dollars being exported, more dollars in circulation. That the fear was, if those dollars start being exchanged for gold, it would kill the US. Is gold

Ken Moraif 

supply? Well, we couldn’t. It couldn’t be, that’s right, it had. It had exceeded the supply. It did.

Jordan Roach 

And so if people start realizing that, they start panicking, quickly trading in for gold, and that creates a problem. So,

Ken Moraif 

but, you know, the was, it wasn’t somebody supposed to go to Fort Knox to make sure we still had all that gold over there. Whatever happened with that? You know, I didn’t hear anything

Jordan Roach 

on paper. We still have it there. I think it’s like 8000 metrics. Yeah, it’s gold. Is in Fort Knox, yeah, in theory, there is some there, and it’s about the same amount we actually had in the 70s. Actually, we even stockpiled new but, yeah, Nixon de pegged us in the

Ken Moraif 

70s, and the dollar didn’t collapse and it didn’t go away. Well, that was interesting

Jordan Roach 

thing. I think a lot. People were concerned that then it would gonna reorder things. But the dollar just had enough inertia, enough momentum in there, and there was already so many dollars circulating that it just kept that status, despite not being pegged to anything, right. And we just kept able to borrow money cheaply.

Ken Moraif 

Okay, so now we have the 58 to 60% of the world’s currency reserves, the world’s savings accounts, are in the US. And so how is that affecting international trade and our reserve status and all that is solidifying at this point, right?

Jordan Roach 

I mean, it does solidify it because, you know, you have again, the reserve status has dropped down. If you go to, like, the late 90s, you know, we’re at reserve status closer to 70% now we’re, you know, depending on the day the year 58 to 60 kind of in there of reserve status. But then you actually have day to day trade and settlement between countries, and we have about that of daily dollars that are being changed, that are also in us, dollars. So, and that’s not really that hadn’t really lost any share.

Ken Moraif 

So let’s talk about the threats to you know, which is what people are concerned about? Yeah, right. They’re concerned that the dollar. So one thing that’s happened is that with the advent of tariffs, we’ve seen inflation concerns pick up in the United States, and therefore inflation concerns in Europe. It’s kind of a teeter totter as our inflation goes up, theirs goes down, because we trade with them, and therefore it’s made the Euro rise versus the dollar. That’s right. Explain that dynamic to us? Why does inflation in one country versus another impact the value of their currency.

Jordan Roach 

Well, I mean, typically it’s going to be related to also new bond, the bond market, and how the that country’s central bank is going, how they’re going to raise and play with interest rates and encourage spending or borrowing. Um, typically it’s going to be an interest rate arbitrage, and they’re going to look at different countries and say, Well, what is, you know, Europe going to pay me relative to what the US going to pay me? What’s the likelihood of those back? And sometimes there’s an imbalance there. And so, you know, right now, we have seen the US dollar, because currency is also, there’s an absolute, right? How strong is it absolutely? But really more so it’s a relative game, right? So always, when you look at the dollar, you can say, well, how strong is it? But most time, it’s relative to something else, right, right? And so you go relative to the euro, the euro, you know, which is largely the Secondly, most held reserve currency, it’s about 20% where we’re 60.

Ken Moraif 

The way I look at inflation, which is maybe not the way most people think of it, is that inflation is not the cost of things going up, but it is a society becoming poorer. So in other words, if if food is more expensive, then we can afford less of it because we are poor. So inflation is not necessarily a reflection of prices going up, it’s a reflection of our inability to afford it. So the example I’ll give is that, you know, a Ferrari, for example, a person United States may be able to afford a Ferrari, but somebody in Tanzania, you know, even maybe the top 1% in Tanzania can’t afford a Ferrari because they’re so poor. Yes, so it’s that and so if you have a situation where a country is becoming poorer, then their currency would degrade in the same at the same time. Yeah. So as the concerns over tariffs that they would cause a lot of inflation the United States, therefore, quote, unquote, making the United States poorer, and therefore our trading partners richer, and therefore their currency becomes more

Jordan Roach 

valuable. That’s exactly right. I mean, you know, we’re looking inflationary pressures cause a currency to weaken. It’s just not doing as much, you know, it’s poor in that it cannot buy as much goods with its own unit of currency. And so right now, we have seen, you know, dollars, not really dollar, US dollars, but we have seen the euro, even the pound, somewhat a lot of currencies, relative us, are starting to pick back up again. They’re getting to kind of where maybe things were back in the 90s into the early 2000s Yeah.

Ken Moraif 

And this whole the as we record this, the tariff question is still, you know, we don’t know the answer. I mean, the tariffs are basically four months old, right? Five months old, and so it’s difficult to say, you know, whether they are going to be hugely inflationary or not, even though, up until now, they have not been right. So from the inflation set, so one thing that could drive the dollar down is inflation. It could. But the thing I think that most people are concerned about, at least, you know, when we talk to clients, is, you know, China wants to replace the dollar, right? They want to create their own version of a currency with their own sphere of influence. So they want to include, you know, the North Koreans, the Russians, maybe India, you know, and their sphere of influence. And then they can create their own currency to compete with the dollar. And if. That happens, then the dollar could really

Jordan Roach 

crater potentially. I mean, I think that’s right. I mean, I think the reason, you know, inflationary pressures on the US dollar are a problem in the short term, that won’t necessarily cause it to lose its reserve status. It’s just relative strength would go down. The bigger thing is, yes, I think it probably a new currency would most likely be the candidate to dethrone the dollar, because, you know, to become a major currency, a reserve currency, you have to have scale, you have to have liquidity. You have to have Yeah, and have those and you have to have the ability to issue and political stability, political stability of that country. Because, again, you cannot have a reserve currency where day to day, you don’t know the relative strength of that currency. And so, you know, there is an argument where maybe, maybe the Euro could has the scale, maybe the Japanese yen, the Chinese currency does not, in and of itself. And the problem they have, and everyone is, you know, it’s a black box there,

Ken Moraif 

right? And that’s, that’s the thing in today’s world, you know, again, you have to think like, for example, the Saudis, okay? So the Saudis have hundreds of billions of dollars that they need to put somewhere, right? And so they put them in our treasury. So they put them in the United States bank account, so that therefore is, you know, why we’re the the reserve currency. Now, they suddenly, one day wake up and say, Well, I don’t want to put my hundreds of billions of dollars in the US? Well, you got to find a bank big enough to hold hundreds of billions of dollars, and there aren’t too many of those. The Japanese couldn’t do it. Switzerland couldn’t do it. You know, if they, if they absorbed that kind of money, it would cause such dramatic inflation in their country, it would destroy their economy. They couldn’t handle it. Handle it. So it has to be a place where it’s large enough to hold 60% of the world’s money, trillions of dollars. And there is no bank that big currently. The only one that can do it is the

Jordan Roach 

United States. The scale is helping us greatly. I mean, you can’t just, you can’t just, you can’t overnight. And to say, I want to go to a new currency. Other nations, their banks, cannot swallow that up, right? And they might not, if you look at like other assets. Let’s take a gold, and I’m sure at some point we’ll talk about Bitcoin or the crypto, you know, the liquidity dying to talk about that. Okay, we’ll get to it. But the liquidity there is a problem, right? Because, again, you have to be able to easily exchange it day over day. And so what we have going for us right now is one is a relative game. So yes, we’re probably lost a little bit of strength, but we are so far and away ahead of everybody else that it’s unlikely they can swap that liquidity and change overnight, meaning, you know, Euro, a yen, you know, a British pound, like it’s there’s most of those currencies that reserve status currently the closest us is the euro, which is 20% in the yen, the pound, you know, yeah, like single digits.

Ken Moraif 

But the first criteria is they have to be big enough to handle that, that amount of money, and our Treasury can. The second thing is the political stability of that country, you know. And so you know, the US, despite everything that’s going on, and as much as we think, you know, we’re a total disaster political relative game. It’s a relative game. And relatively speaking, we have a pretty stable political environment, you know. And it’s relatively trustworthy. We’re a land of laws, and for the most part, we follow those laws. So that’s a very important thing. The other thing is, do you trust you know, it’s like when you go to the bank and you want to put your money in a savings account at this bank. You know, one of the things that you may be thinking is, you know, how solvent is this bank? How much do I trust the people running this bank that they’re not going to run away with my money, you know, or go bankrupt tomorrow, or, you know, some terrible thing. So you want to be putting your money where you have some some certainty. So the question I would ask for people who are concerned that, you know, the China is going to become the new reserve currency, who on earth is going to put their money like you think the Saudis would give all their money and put it in China? I mean, I find that Xi Jinping wakes up tomorrow and says, Thank you very much. We’re gonna keep this now. And if you don’t like it, we’ve got 8 billion nukes that we could kill you with if you don’t want to come get it. Yeah, so it’s like, you know, why would you no one’s gonna do and same thing with the Russians. Is there anybody that’s gonna give, like, their their savings to Putin. You don’t know what he’s going to do with it, no. So you know, the likelihood that these other countries could could combine and become right now is a remote possibility.

Jordan Roach 

It’s so remote. I mean, again, I think it’s more likely you’d almost have to have a concerted effort like we had in Bretton Woods, where we’re talking half of the world order get together to create a new currency where everyone says, okay, because I don’t think there’s any other country that’s going to go peg itself to one singular country and say, we feel good about holding our dollars there. And the reason, like the Chinese, for instance, and the Russians, some other countries, want to get away Iran with. Of this is it’s not because they don’t like the dollar strong. The problem The thing about if you’re the reserve currency is you also get to impose wild financial sanctions at any time. And that’s why they really want to get away. Because not only are we the status and we can borrow cheaply and prop our own economy up, is that we can go into them and shut down their economy effectively, if we want to, yeah, and that’s what they’re trying to get away

Ken Moraif 

from, because they’re transacting with our currency, correct? And so we could shut them down, so that strategically is a bad thing for them. But again, you know, the Europeans, are they going to say, Yeah, we’re going to go and instead of putting our money in the US, we’re going to put it in Russia, or we’re going to put it in China. You know, I don’t think that’s happening. So there is there. And the sphere of influence that China has and Russia has is relatively these are emerging countries. These are countries that don’t have a lot of money. So even if they did group together and say, we’re going to do all this ourselves, there’s not enough money there to really threaten the US. Dollars standing, you know, because how much of that 60 to 70% you know, of the world’s money would would go there? Very little cannot be

Jordan Roach 

exchanged that easily to absorb all those dollars that are currently in circulation and being held. And the other thing too, I mean, we talk about the US dollars, we issue our own dollars, you know, we there’s 11 other countries that use the dollar as their own currency. They’re equally that many that will accept a US dollar alongside their

Ken Moraif 

current, oh yeah, when you travel. So there are places where you can just give them dollars. Oh yes, and they just accept dollars. That’s

Jordan Roach 

right. So, you know, I think it would take a monumental shift, most likely. Okay,

Ken Moraif 

so let’s talk about, let’s talk about my favorite topic, than the crypto currencies. Okay, okay. So, number one, you want a place where you know your money isn’t gonna get lost. Okay, so if you put it in cryptocurrency, governments have a real difficult time getting to that money. Yes, bad guys have a real difficult time getting to that money. So check that box is checked. The second thing is political issues, right? If, if a cryptocurrency becomes the global currency, then we don’t have to worry about governments, you know, and being pegged to just the dollar, or being pegged to the euro or whatever. This is a global currency that everybody has their money in In fact, we even have this thing now, the stable coin, right, which is pegged to the dollar currently, but it could disengage at some point. What about if the world decides we don’t want the dollar to be our boss anymore, you know? And maybe even American investors start saying, I don’t trust our government. They’re spending so much money, they’re bankrupting us. I want to get my money out of the dollar, and I want to put it in something else that at least I know is going to be there tomorrow, and maybe this alternative currency, cryptocurrency of some kind, maybe not Bitcoin or something, but some version becomes the thing.

Jordan Roach 

So, I mean, there’s a lot here to unpack, and they’re honestly things that probably, you know, I don’t understand exactly with with the liquidity dynamics and how it’s issued and redeemed, like, you know, that we gotta probably unpack there. I think there’s a lot going for cryptocurrency, like, like you said, a couple boxes there are, check would be nice. I think the things that people have to get their heads around is one, it’s not a medium exchange. It’s more of a store of value at best, similar to gold, but it’s not a unit of exchange, at least so far. So that would have to get worked out. You know, I do know at some point they’re, you know, broadly different cryptocurrencies have different amounts. Some are finite, some are infinite. Yeah, Bitcoin has a limited supply, so I don’t know. I know, you know, it has in value every, you know, every X amount of time, or at least the number of units. You know, it creates more units at a certain schedule, but there’s a point where they stop creating more units. And so then you’re gonna have a fixed number of units. I guess it could keep dividing forever because, but then the then, I guess what could happen is the value goes up and down. And maybe there’s a way there to meet liquidity concerns if that’s happening, but that’s a totally different dynamic than what everyone’s used to World Order, which is currencies printed and redeemed. Here it’s it’s held by a certain number of people and institutions that can hold on to it. So I you have to figure out the supply issue, I think, and again, right now. And this could change at some point. It probably will, but right now, the volume, volatility amongst all crypto are are far too

Ken Moraif 

and then, and then, you don’t want a country that is or whoever’s in charge of this crypto to lose the code, like that guy with a $900 million

Jordan Roach 

one that was one that like, yeah, they put it on an old server and they went to the dumpster. He

Ken Moraif 

spent. He’s, how is he spent? I think he spent. He got, he got, even got investors. He spent, yeah, he spent like $909 million or something, searching through this big garbage dump to find the key to 900 million. So we don’t want anybody to the world reserve currencies are in some cryptocurrency we lose the code. That would be terrible. That’s not good. So one of the things that, you know, people are concerned about, you know, in this, in the context of what we’re talking about, is, what does that mean to my investments? You know, what happens if the dollar loses its reserve currency? Does that mean that, you know, I’m going to the stock market is going to crash and I’m going to lose all my money. And, you know, I think we can look to, for example, what happened with England, right? When they lost their federal their reserve currency status, their stock market didn’t crash, and, you know, it didn’t cause all kinds of terrible things, because money is fungible. Investors go elsewhere.

Jordan Roach 

Yes, that’s, that’s right. And I think, you know, it does take, it would reorder things. I mean, there would be volatility. And depends if this is unwound over a set amount of time with kind of a known off ramp, versus this is just somebody, somehow, overnight, there’s a another Bretton Woods, and we just get ripped out from under us. I think you’d see, actually, probably more volatility hit the credit and bond markets that would probably be impacted first, which would have a cascading effect in stocks. There’s no question. But generally speaking, I mean, you know, all the countries that once held reserve status that no longer do, all of them are still here with functioning economies, with functioning markets. And I wouldn’t, you know, I don’t think that would change.

Ken Moraif 

I mean, if you look at the English, okay, let’s use them as the example. So if you’re in at one time, because they were the world’s reserve currency, everybody invested in England. So they had the luxury that we have now, where, hey, everybody’s sending their money to us, and we can fund all the stuff we want all that. Well, that changed, so now people aren’t all investing in England anymore. They’re investing in United States. So the English people, instead of investing locally, right in English companies, they start investing in America. Yep, so if we get replaced by something else, yes, you know it’s, it’s not the end of our stock. You know, our ability to invest, because as investors, you know, sounds terrible, but if, if the if US companies, are not the best place to invest, then we’ll invest elsewhere. And so we can survive this as investors, you know, even though maybe our country might be hurt, but as an investor, you can invest overseas. You can invest in other things that are not being decimated by the fact that we’re not the world’s reserve

Jordan Roach 

currency. Oh, man, that’s a great point. So you’re right. We look at opportunity set and just it’s happens to be during our times in this profession, the US has largely been the place to be, you know, and US companies do well as an extension that US dollars, and we can borrow cheaply, and monies can cheaply be accessed by major corporations to invest like that’s that happens. So if there’s a day where that was not the case, then we could absolutely say, let’s go there. I mean, you have let’s, for instance, let’s take those Australian markets. Yeah, great market. We don’t have to invest there because US Dollars really good. But that is a completely functioning stock market functioning company does very well similar return profiles over there. So we go there, right? So I think it’s a very fair point, is that, just like

Ken Moraif 

Mexicans, you know, the Mexicans, maybe they don’t feel very comfortable with their economy and what’s going on. So what do they do? They don’t invest in Mexico anymore. They invest the United States. Yes, so whatever replaces us, God forbid, yeah, right, right. Don’t want that. But whatever, whatever replaces us, we can invest there. And so as investors, we have the ability money is fungible, we can move it around, and we can find places of opportunity. So yes, it’s Unlikely, but possible. There’s some more. There’s a more than zero chance that the dollar is not forever going to be the world’s reserve currency. But as an investor, it’s not the end of the world.

Jordan Roach 

No, we would look at that. We would re, you know, we take a look at Canvas, the landscape out there, and then we would probably need to repurpose those dollars, which we have every ability to do,

Ken Moraif 

yeah. So there you go, ladies and gentlemen, it’s not the end of the world, but it won’t be pleasant, you know. Because, as we’ve always said, you know, investing is unfortunately, not about people, you know. So if the dollar lost its reserve currency status, the upheaval in this country would be dramatic. We couldn’t afford to pay for many of the social services or military, all these things we’d have to it would be very dramatic. But from the standpoint of how we invest, we could still invest in a way, you know, we could find opportunities, because there will always be opportunities. So it won’t be the end of the world from that standpoint, but from a social and what goes on in our country standpoint, it would be pretty dramatic. So thank you for watching this podcast. I hope you found it interesting and entertaining, and please like and subscribe, and I want to thank you guys. We have over 1 million views of our podcast now, and it’s mind boggling, and it’s because of you. You guys did it. So thank you, and keep watching. And I hope this found you healthy. Be wealthy and wise, and we’ll talk soon.