This episode explores the potential end of the U.S. dollar's reign as the world's reserve currency, examining the factors that have historically supported its dominance and the emerging challenges to its status. Against the backdrop of President Trump's tariff announcements and their impact on global markets, the episode questions whether a "capital flight" from U.S. assets is underway, signaling a shift away from the dollar's perceived safety. The discussion pivots to the concept of "exorbitant privilege," detailing the benefits the U.S. has derived from the dollar's reserve currency status, such as convenience in international transactions and lower borrowing costs. More significantly, the episode analyzes potential alternatives to the dollar, including the Euro, Chinese Renminbi, gold, and Bitcoin, ultimately finding each lacking in key attributes like liquidity, safety, or trust. Despite a gradual erosion of the dollar's share in central bank reserves, the episode concludes that no viable replacement is currently on the horizon, suggesting the dollar's dominance will persist for the foreseeable future, though perhaps with diminishing advantages for the U.S. economy.