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brendan, why have the markets hung along? well, we don t know what s happened yet. one of the things that you and i have been watching and talked about for the last seven years, markets have grown increasingly inured to the possibility of markets. we don t know. we don t know what the result is going to be. isn t that stunning that the markets have become desensitized to the words and rhetoric and threats of the president of the united states? it s like he neutered himself. how do you think is this going to play out in the g7? it s hard to predict, many of our allies are concerned and they re worried about this. talking about brendan, and trump is o the nixon playbook. we know what happened, nixon shot brenton woods. it s the exact same thing. nixon did it because he wanted
infrastructure development of highways, all of this was general consensus amongst americans as late as 1970, but then they began to peel away at it, and i was in congress in the ba banking committee when they decided to break up the international economy. we had some agreements at brenton woods in new hampshire from 1944 that had kept the world stable from 1944 to 1974. they ended those agreements and the price of oil was $2.50, and i said to the head of the federal reserve, if you don t have the dollar anchored to something, aren t people going to play politics with our currencies? he looked at me and he said, young man, you soon learn that the dollar doesn t need to you defend it.