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 [email protected] or leave us a voicemail at 508-U-B-SMART.

Higher tariffs are not working out so well for automakers. Subaru is raising prices, while GM is reportedly freezing shipments to China. Meanwhile, trade talks between the U.S. and Japan — home to Toyota, Honda and others — look to be moving slowly, at best. And later: One set of economic indicators points to a future economic slowdown, and a startup envisions a slow-moving sleeper train between Los Angeles and the Bay Area.

In yesterday's podcast, we brought you the history of how a white mob devastated Tulsa's Greenwood District during the 1921 Tulsa Race Massacre. Afterward, Black residents rebuilt and flourished, but what would come next would largely destroy the neighborhood — and much of its wealth — for good: the construction of the I-244 highway. But first, President Donald Trump is headed to Capitol Hill to get the GOP tax bill over the finish line.

From the BBC World Service: Chinese EV battery maker CATL, which supplies batteries for Tesla and Toyota, has just gone public on Hong Kong's stock exchange, raising more than $4.5 billion. That makes it the biggest listing in the world this year. We have the details. Also on the program, we learn about an Australian government plan to improve the lives and economic realities of people with autism.

California is known for being home to Hollywood and Silicon Valley. But the Golden State also has millions of acres of farmland, and we’re exploring how technology is changing that landscape in a series this week about “Agtech Valley.”

We visited HMC Farms with its farm manager Drew Ketelsen, who took us to an orchard of Lady Erin yellow peach trees trained to grow in narrow upright pillars rather than the usual rounded shape.

These days, Canadian consumers aren’t just interested in supporting their own homegrown businesses — they’re also actively avoiding American ones. In this episode, Marketplace’s Kimberly Adams visits businesses in Ontario to hear why our neighbors to the north are shunning U.S.-made products. Plus: An economist dissects the Moody’s downgrade of the U.S. credit rating, a Black-owned lender leverages grants from major banks to support its community and AI threatens the software engineering job sector.

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

As part of our "Buy Now, Pay Later" series — produced in partnership with Next Avenue, a nonprofit news platform for older adults produced by Twin Cities PBS — we'll hear firsthand from 70-year-old Loreli Taylor, a Social Security beneficiary who took out student loans decades ago and still has debt to pay down. She's not alone; the number of student loan borrowers 62 and older is up sharply. Also, borrowing rates are rising.

Today, to start a three-part series examining America's persistent racial wealth gap, we head to Tulsa, Oklahoma. There, in 1921, a violent white mob destroyed the thriving Greenwood neighborhood — then known as America's "Black Wall Street.” The event wiped out much of the prosperity experienced by the area’s Black residents and, along with it, the opportunity for intergenerational wealth-building. We'll learn about the history and attempts at restitution. But first: a downgrade of the nation's credit rating.

From the BBC World Service: British Prime Minister Keir Starmer is expected to unveil the results of a reset in post-Brexit relations with the EU on defense, trade and fishing rights. We'll hear more. Then, Canada is home to 2 million Indigenous people, roughly half of whom say they struggle to afford basics, including food. Historically, Indigenous Canadians were limited from profiting from food production by law, but the government has now pledged to increase food security.