Steve Kamin and Mark Sobel on the Outlook of Dollar Dominance

史蒂夫·卡明和马克·索贝尔论美元霸权的展望

Macro Musings with David Beckworth

2026-04-06

1 小时 1 分钟
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Steve Kamin is a senior fellow at the American Enterprise Institute and was previously the director of the Division of International Finance at the Federal Reserve Board. Mark Sobel is the US chairman of the Official Monetary and Financial Institutions Forum and is a veteran of the US Department of Treasury. Steve and Mark return to the show to discuss the status of dollar dominance, the future threats to dollar dominance, the role or lack thereof that stablecoins will play in dollar dominance, the new findings in the Treasury Foreign Exchange Report, the current state of tariffs, whether we are in a second China shock, and much more.   Watch the full length video on our new YouTube Channel! Check out the transcript for this week's episode, now with links. Recorded on March 5th, 2026 Subscribe to David's Substack: Macroeconomic Policy Nexus Follow David Beckworth on X: @DavidBeckworth Follow Steve Kamin on X: @Steven_Kamin Follow Mark Sobel on X: @Sobel_Mark Follow the show on X: @Macro_Musings Check out our Macro Musings merch! Timestamps 00:00:00 - Intro 00:02:26 - Termites Eating Away at Dollar Dominance 00:16:52 - Future Threats to Dollar Dominance 00:19:47 - Stablecoins and Dollar Dominance 00:33:40 - Treasury Foreign Exchange Report 00:44:28 - Tariff Policy 00:53:25 - Second China Shock? 01:00:38 - Outro
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  • Welcome to Macro Musings, where each week we pull back the curtain and take a closer look at the most important

  • macroeconomic issues of the past, present, and future.

  • I am your host, David Beckworth, a Senior Research Fellow with the Mercatus Center at George Mason University,

  • and I'm glad you decided to join us.

  • Our guests today are Steve Kamen and Mark Sobel.

  • Steve is a Senior Fellow at the American Enterprise Institute and previously was the Director of the Division

  • of International Finance at the Federal Reserve Board.

  • Mark is the U.S. Chairman of the Official Monetary and Financial Institutions Forum,

  • and previously he served with the U.S. Department of Treasury for almost four decades,

  • including as Deputy Assistant Secretary for International Monetary and Financial Policy from 2000 to early 2015.

  • From 2015 through 2018, he was a U.S. Representative at the IMF.

  • Steve and Mark join us today to discuss whether dollar dominance is waning,

  • the Treasury foreign exchange report, and whether the U.S. Has a balance of payments issue.

  • Steve and Mark, welcome back to the program.

  • Thanks.

  • It's great to be back here.

  • Thank you.

  • It's great to have you on.

  • Now, you were on the podcast two years ago, almost exactly.

  • It was in March.