Things aren’t looking so good for the U.S. dollar. Though it’s spent decades as the world’s reigning reserve currency, it’s been weakening lately thanks to tariffs and uncertainty in the U.S. economy.

But its declining value, has been in the making for a while, according to Harvard economist and author of the new book, “Our Dollar, Your Problem,” Kenneth Rogoff.

“The problem we’re facing is that, independent of this dollar phenomenon, interest rates are going up,” said Rogoff. “And if you’re the world’s biggest debtor, that’s tough.”

Rogoff joins Kai and Kimberly to unpack how the greenback became the world’s go-to currency, what a reserve currency actually is, why it’s been losing some of its value lately and what might take its place. Plus, how does military power tie into all this?

We’ll also get into some potential cryptocurrency regulation coming down the pipeline and discuss the troubling parallel between Trumpism and Brexit.

Then, you tell us what books help you reset – from classic literary romances to an apocalyptic sci-fi tale. And, our intern, Zoha Malik (hi!) shares her answer to the Make Me Smart question.

Here’s everything we talked about today:

• “Our Dollar, Your Problem,” by Kenneth Rogoff from Yale University Press
• “How Trump Could Dethrone the Dollar” from Foreign Affairs
• “Why Is The US Dollar Weakening? Trump’s Tariffs Push Dollar Index To 3-Year Low.” from Forbes
• “Senate advances landmark crypto bill with Democrats divided” from Politico
• “Senate Advances Crypto Regulation Bill With Bipartisan Support” from The New York Times
• “Senate advances a major crypto regulation bill on a bipartisan vote” from NBC News
• “Brexit’s Failures Could Foreshadow Trump’s. Just Not in the Way You Might Think.” from The New York Times

Got a question or comment for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.

Walmart had said it would raise prices in response to tariffs. Then, it got a call from the White House. Now, the retailer says it will swallow some of the costs. This has us wondering: where have all the free market diehards gone? Plus, Kimberly reflects on the tornadoes that hit her hometown of St. Louis, Missouri and explains FEMA’s plan to shift disaster costs to the states. Also? Did the GOP really name their reconciliation bill the “One Big Beautiful Bill?”

Here’s everything we talked about today:

• "Bessent says Walmart will absorb 'some tariffs' after speaking with retailer's CEO" from Fox Business
• "FEMA will shift more disaster recovery responsibilities to the states, acting chief says" from PBS News
• "Here’s the latest information on Friday’s tornado in St. Louis" from STLRP
• "Trump's bill advances in rare weekend vote as House conservatives negotiate changes" from NPR

It’s the final matching opportunity of our May Fundraiser! Double your impact when you give right now: https://support.marketplace.org/smart-sn

On today’s show, Kai makes a special annoucement! But first, Moody’s knocked the United States’ government’s credit rating down a peg below Triple-A. We’ll break down what that actually means and why it matters. Plus, we’ll explain why, even with a majority, the House GOP hasn’t been able to pass its budget bill. And, we’ll play a round of Half Full/Half Empty and nerd out on “Star Wars” spin-off shows.

Here’s everything we talked about today:

• "House budget panel rejects GOP megabill amid conservative opposition" from Politico
• "Army to place large metal plates on DC streets to protect them from tanks during June parade" from WTOP News
• "U.S. Loses Last Triple-A Credit Rating" from The Wall Street Journal
• "Airbnb Is in Midlife Crisis Mode" from Wired
• "Why banks still have branches — and why some are motivated to add more" from Marketplace
• "Gen Z's 'conscious unbossing' should be a wake-up call for businesses" from Business Insider
• ​​"Is the Next Great American Novel Being Published on Substack?" from The New Yorker
• "Warner’s Streaming Service Has New Name: Its Old One. Meet ‘HBO Max.’" from The Wall Street Journal

Got a message for the hosts? Email makemesmart@marketplace.org or leave us a voicemail at 508-U-B-SMART.