Latest / Tony Katz | Popcorn Moment / Today’s Popcorn Moment:    JD Vance wants to end the US dollar's position as a global reserve currency

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Today’s Popcorn Moment:    JD Vance wants to end the US dollar's position as a global reserve currency · Tony Katz | Popcorn Moment

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  Speaker 1: Bring on the popcorn moment.
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  Speaker 2: Remodeling three one seven eight five two five five four six.
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  Speaker 2: oo hg R boer Remodeling dot com. The popcorn moment,
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  Speaker 2: Let's go, let's go, let's go to stay. It's a
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  Speaker 2: story you need to hear to believe. Then grab your
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  Speaker 2: popcorn because there is more. I will get to the
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  Speaker 2: Vice President jd Vance in just one moment. The former
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  Speaker 2: Vice president Mike Penn scheduled be with us at eight fifteen.
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  Speaker 1: You should be tuned in for that.
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  Speaker 2: The the updates on the flooding we have gone through.
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  Speaker 1: We have seen the.
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  Speaker 2: White River crest to about twenty five feet in places
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  Speaker 2: like Noblesville. We spoke to the mayor there, Chris Jensen,
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  Speaker 2: that they are in this cleanup phase and really it's
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  Speaker 2: boots on the ground today to get an idea of
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  Speaker 2: what other damage may have taken place. We know that
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  Speaker 2: Carmel losing that bridge on Hazel Dell, Well, the conversation
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  Speaker 2: whether that's going to be repaired or replaced. To my
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  Speaker 2: bet that's a replacement. Then they are the areas where
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  Speaker 2: we have seen damage. We still have nineteen that is closed.
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  Speaker 2: Other roads have been opened. As Matt Bear's been talking
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  Speaker 2: about ponding flooding. Do not think you can drive through it.
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  Speaker 2: That is a nutty thing to do, but it is Anderson,
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  Speaker 2: there is where a lot of my thoughts are Newcastle,
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  Speaker 2: Cambridge City.
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  Speaker 1: What will we see when the water finally recedes.
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  Speaker 2: Also, we have more rain in the forecast, certainly not
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  Speaker 2: as much, certainly not as intense. But we have rain
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  Speaker 2: in Indianapolis coming any moment now for the next couple hours.
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  Speaker 2: That's what's on radar. We see rain Wednesday and Thursday.
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  Speaker 2: As Amber Hardwick told us, we do have a dried
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  Speaker 2: day tomorrow, and hopefully that will help quite a bit.
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  Speaker 2: The question is are we talking about water receding are
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  Speaker 2: we talking about the drying.
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  Speaker 1: Out of the ground.
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  Speaker 2: My concern is that when you've got ground this wet,
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  Speaker 2: if you bring in thunderstorms with any level of wind,
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  Speaker 2: you could.
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  Speaker 1: See trees go.
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  Speaker 2: Creates a whole nother level of issue, never mind standing
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  Speaker 2: water and what that means for mosquitoes and other issues.
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  Speaker 2: We're not done yet by any measure, and we don't
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  Speaker 2: have an idea yet of how deep the damage is,
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  Speaker 2: how deep it goes where. This flooding affected foundations and
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  Speaker 2: structures all across central Indiana, but down specifically Anderson, where
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  Speaker 2: I've got real concerns and real worry, And of course
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  Speaker 2: here at WIBC, along with Fox fifty nine and CBS
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  Speaker 2: four doing our part, we'll have more on that coming
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  Speaker 2: up very soon in the days ahead here at WIBC.
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  Speaker 2: But I bring you the Vice President of the United States.
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  Speaker 2: By the way, I did not mention broad Ripple, Rocky Ripple,
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  Speaker 2: that the people got out there and put out the
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  Speaker 2: sandbags and stop the flooding.
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  Speaker 1: They put the flood walls up.
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  Speaker 2: They dealt with it as well, and we're going to
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  Speaker 2: see more and hear more from them about what the
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  Speaker 2: damage has been, what has been able to see been,
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  Speaker 2: whare I didn't want to leave them out of the conversation.
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  Speaker 2: They matter just as much, if not more, than anyplace
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  Speaker 2: else we're talking about. I don't want to rank the things.
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  Speaker 2: There's some ugly stuff going on. We're gonna have a
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  Speaker 2: lot of work ahead of us. Ugly stuff is what
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  Speaker 2: comes from JD. Evans, who's having a conversation that somehow
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  Speaker 2: the dollar should not be the reserve currency of the globe.
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  Speaker 2: This is him in his words.
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  Speaker 1: That's yeah, that's exactly right. And by the way, you know.
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  Speaker 3: I am it is like maybe super heterodox.
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  Speaker 1: I am not sure that I think the reserve currency
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  Speaker 1: is actually good for the United States of America.
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  Speaker 3: I think there is a good argument that reserve currency
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  Speaker 3: status is akin to coal in Appalachia.
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  Speaker 1: It's a resource curse. Right.
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  Speaker 3: It allows your consumers to consume very cheaply.
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  Speaker 1: Right.
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  Speaker 3: That's been the story of the America economy for the
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  Speaker 3: last fifteen or so years. Even before that is we
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  Speaker 3: can just borrow basically in a limited way because we
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  Speaker 3: have the reserve currency.
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  Speaker 2: I think that's a real conflation there, the idea of spending,
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  Speaker 2: the idea of borrowing, versus whether or not the US
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  Speaker 2: dollar is the reserve currency. Now, as Phil Magnus has
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  Speaker 2: pointed out, this is not the first time that JD.
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  Speaker 1: Van's has gone down this road.
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  Speaker 3: I'm wondering when I hear about the history, when I
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  Speaker 3: think about and read about the history of Appalachia and
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  Speaker 3: the resource curse, I'm struck by some of the by
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  Speaker 3: the idea that you could make a similar argument about
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  Speaker 3: the reserve currency status of the United States dollar. Americans
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  Speaker 3: have enjoyed one of the greatest privileges of the international
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  Speaker 3: economy for the last nearly eight decades. A strong dollar
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  Speaker 3: that acts, of course, as the world's reserve currency.
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  Speaker 1: You know that better than I do.
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  Speaker 3: Now, this has obviously been great for American purchasing power.
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  Speaker 3: We enjoy cheaper imports, Americans when they travel a odd
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  Speaker 3: benefit from lower costs, but it does come at a cost.
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  Speaker 1: To American producers.
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  Speaker 3: I think in some ways you can argue that the
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  Speaker 3: reserve currency status is a massive subsidy to American consumers
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  Speaker 3: but a massive tax on American producers. Now, I know
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  Speaker 3: the strong dollar is sort of a sacred cow of
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  Speaker 3: the Washington consensus. But when I survey the American economy
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  Speaker 3: and I see our mass consumption of mostly useless imports
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  Speaker 3: on the one hand, and our hollowed out industrial base
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  Speaker 3: on the other hand, I wonder if the reserve currency
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  Speaker 3: status also has some downsides, and not just some upsides.
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  Speaker 2: Every part of this conversation is playing the Vice President
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  Speaker 2: into an isolationist conversation, which is his default where he naturally,
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  Speaker 2: naturally wants to be. I don't believe that the economics works.
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  Speaker 2: That's our ability to exp is threatened limited by being
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  Speaker 2: a reserve currency. I don't think it changes that whatsoever.
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  Speaker 2: But I would say that I could take a look
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  Speaker 2: at the regulatory environments of near any industry, and I
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  Speaker 2: can make it easier for that industry to operate having
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  Speaker 2: nothing to do with being the reserve currency. And we
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  Speaker 2: should ask ourselves if we're not the reserve currency, if
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  Speaker 2: we are not saying we're the stable currency, we are
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  Speaker 2: the stabilizing force, who would be Do you think China
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  Speaker 2: has any capacity or want to be a stabilizing force.
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  Speaker 2: You certainly wouldn't put it on the ruble.
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  Speaker 1: To the extent the ruble is still a thing. Where
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  Speaker 1: would you put it? You put it in the rupee
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  Speaker 1: or the end you're gonna what is the plan here?
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  Speaker 2: The problem with this argument is that this argument doesn't
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  Speaker 2: seem to go anywhere. It seems to be saying we
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  Speaker 2: shouldn't bother with other nations, we should just do our thing.
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  Speaker 2: It is the isolationist argument in a very unique way,
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  Speaker 2: but I don't think it's one that should be well regarded.
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  Speaker 1: I'll have a big breakdown on this on Tony Katz
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  Speaker 1: today at noon. You should tune in