America’s national debt recently hit a new milestone of $40 trillion. It is estimated that interest payments on the national debt are now the second largest expense in the US government budget, trailing only Social Security. How was the US able to borrow so much and for so long? One answer, according Harvard economist Kenneth Rogoff, is the US dollar’s status as the world’s reserve currency.

In this episode, Rogoff – former Chief Economist at the International Monetary Fund – explains how the US dollar came to enjoy this hegemonic status, what being the world’s reserve currency actually means in practice, and why he believes the dollar is now in decline.
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Timecodes:

0:00 The US National Debt hit 40 trillion dollars
1:29 Introducing Professor Kenneth Rogoff
4:00 What amount is the US paying annually on its debt?
5:20 Why is the US the worlds reserve currency?
9:15 How the Bretton Woods Conference aided the US dollars dominance?
13:50 Has the US dollar faced any serious challengers?
17:03 Is a weaker dollar good for American businesses?
22:20 Which currency in 2026 poses the biggest threat to the US dollar?

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The number of people missing in Nepal after the massive flash flood on Wednesday has risen to 4,247- with at least 903 people known to have died.

The number of missing is a sharp rise from 2,502, which was announced on Sunday. Of those missing, 3,655 are Nepali citizens, with 592 foreigners unaccounted for.

In Tibet, the official death toll is 16, with 546 reported missing, according to Chinese state media.

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President Volodymr Zelensky has appealed to Germany to supply Ukraine with tanks, as leaders meet to discuss further aid.

Defence leaders from a number of Nato members are meeting at the US air base in Ramstein, Germany to discuss sending further aid ahead of an anticipated Spring offensive by Russia.

Germany is under increasing pressure from other countries to supply its Leopard 2 tanks to Ukraine, as the UK prepares to send a dozen Challenger 2 tanks.

“If you have Leopard [tanks], then give them to us, these leopards won’t go through Russia. We’re defending ourselves.”, he told public TV in Germany.

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