The U.S. dollar is the lingua franca of the global financial system. The fact that so much of the world relies on our currency has long been understood as our exorbitant privilege — the reason we have so much leverage in the global economy and are able to borrow at lower interest rates.

But the Trump administration has a much more complicated relationship with the dollar. It has come to see dollar dominance as a burden we bear on behalf of the rest of the world. But in its attempts to move away from dollar dominance, is the Trump administration on the verge of creating a financial crisis?

Kenneth Rogoff is a former chief economist at the International Monetary Fund and a professor of economics at Harvard University. He has a book coming out called “Our Dollar, Your Problem.” In this conversation he walks through the history of dollar dominance, why it’s been waning in recent years and what ripple effects the Trump administration’s policies might have.

This episode contains strong language.

Book Recommendations:

Muppets in Moscow by Natasha Lance Rogoff

The Queen’s Gambit by Walter Tevis

Benjamin Franklin by Walter Isaacson

Thoughts? Guest suggestions? Email us at [email protected].

You can find the transcript and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.html

This episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact-checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Elias Isquith, Marina King, Jan Kobal, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser.

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.

“Abundance,” the book I co-wrote with Derek Thompson, hit bookstore shelves a little over a month ago, and the response has been beyond anything I could have imagined. And it’s generated a lot of interesting critiques, too, especially from the left. So I wanted to dedicate an episode to talking through some of them.

My guests today are both on the left but have very different perspectives. Zephyr Teachout is a law professor at Fordham University and one of the most prominent voices in the antimonopoly movement. Saikat Chakrabarti is the president and co-founder of New Consensus, a think tank that has been trying to think through what it would take to build at Green New Deal scale and pace. And he is currently running to unseat Nancy Pelosi in Congress.

I found this conversation wonderfully clarifying — both in the places it revealed agreement, and perhaps even more in the places it revealed difference.

Mentioned:

“How the Gentry Won: Property Law’s Embrace of Stasis” by David Schleicher and Roderick M. Hills, Jr.

“The High Cost of Producing Multifamily Housing in California” by Jason M. Ward and Luke Schlake

Zephyr’s Book Recommendations:

The Promise of Politics by Hannah Arendt

The Populist Moment by Lawrence Goodwyn

Listen, Liberal by Thomas Frank

Saikat’s Book Recommendations:

Destructive Creation by Mark R. Wilson

Bad Samaritans by Ha-Joon Chang

The Defining Moment by Jonathan Alter

Thoughts? Guest suggestions? Email us at [email protected].

You can find the transcript and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.html

This episode of “The Ezra Klein Show” was produced by Rollin Hu and Jack McCordick. Fact-checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota and Isaac Jones. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Elias Isquith, Marina King, Jan Kobal and Kristin Lin. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser.

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.

I have no earthly idea how to describe this conversation. It’s about religion and belief – at this moment in our politics, and in our lives more generally.

My guest and I come from very different perspectives. Ross Douthat is a Catholic conservative, who wrote a book called “Believe: Why Everyone Should Be Religious.” I’m a … Californian. But I think everyone would enjoy this conversation — believers, skeptics and seekers alike.

Some questions touched on: Is the Trump administration Christian or pagan? How do Christian Trump supporters reconcile the cruelties of this administration with their faith? Can religious experiences be explained by misfiring neurons? Should organized religions embrace psychedelics? Can mystery provide more comfort than certainty?

And if you do enjoy this episode, be sure to check out Douthat’s new New York Times Opinion Audio show “Interesting Times,” available wherever you get your podcasts, and on YouTube.

Mentioned:

Interesting Times with Ross Douthat

“Donald Trump, Man of Destiny” by Ross Douthat

Living with a Wild God by Barbara Ehrenreich

Book Recommendations:

Modern Physics and Ancient Faith by Stephen Barr

After by Bruce Greyson

Mind and Cosmos by Thomas Nagel

Thoughts? Guest suggestions? Email us at [email protected].

You can find the transcript and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.html

This episode of “The Ezra Klein Show” was produced by Elias Isquith. Fact-checking by Kate Sinclair and Mary Marge Locker. Mixing by Isaac Jones, with Aman Sahota and Efim Shapiro. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Rollin Hu, Marina King, Jan Kobal, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser.

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.

After last week’s episode, “The Emergency Is Here,” we got a lot of emails. And the most common reply was: You really think we’ll have midterm elections in 2026? Isn’t that naïve?

I think we will have midterms. But one reason I think so many people are skeptical of that is they’re working with comparisons to other places: Mussolini’s Italy, Putin’s Russia, Pinochet’s Chile.

But we don’t need to look abroad for parallels; it has happened here.

Steven Hahn is a Pulitzer Prize-winning historian at New York University and the author of “Illiberal America: A History.” In this conversation, he walks me through some of the most illiberal periods in American history: Andrew Jackson’s Indian Removal Act of 1830, Jim Crow, the Red Scare, Japanese American internment, Operation Wetback. And we discuss how this legacy can help us better understand what’s happening right now.

This episode contains strong language.

Book Recommendations:

Democracy in America by Alexis de Tocqueville

From the War on Poverty to the War on Crime by Elizabeth Hinton

Troubled Memory by Lawrence N. Powell

Thoughts? Guest suggestions? Email us at [email protected].

You can find the transcript and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.html

This episode of “The Ezra Klein Show” was produced by Jack McCordick, Annie Galvin and Elias Isquith. Fact-checking by Kate Sinclair, Mary Marge Locker and Michelle Harris. Our senior engineer is Jeff Geld, with additional mixing by Aman Sahota and Isaac Jones. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Rollin Hu, Marina King, Jan Kobal and Kristin Lin. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser.

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.

The president of the United States is disappearing people to a Salvadoran prison for terrorists: a prison built for disappearance, a prison where there is no education or remediation or recreation, a prison where the only way out, according to El Salvador’s justice minister, is in a coffin.

The president says he wants to send “homegrown” Americans there next.

This is the emergency. Like it or not, it’s here.

Asha Rangappa is a former F.B.I. special agent and now an assistant dean and senior lecturer at the Yale Jackson School of Global Affairs, as well as a member of the board of editors for Just Security and the author of The Freedom Academy on Substack.

Mentioned:

“Abrego Garcia and MS-13: What Do We Know?” by Roger Parloff

Book Recommendations:

The Burning by Tim Madigan

Breaking Twitter by Ben Mezrich

Erasing History by Jason Stanley

Thoughts? Guest suggestions? Email us at [email protected].

You can find the transcript and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.html

This episode of “The Ezra Klein Show” was produced by Elias Isquith. Fact-checking by Rollin Hu, Jack McCordick, Kristin Lin and Kate Sinclair. Mixing by Isaac Jones and Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Marina King and Jan Kobal. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. And special thanks to Aaron Reichlin-Melnick.

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.

My colleague Tom Friedman thinks we’re screwed.

That’s the first thing he told me when recounting his recent trip to China. It’s not just because of the trade war that President Trump is escalating right now. Friedman believes the whole Washington consensus on China — that the country is a hostile adversary — is dangerous and based on an outdated understanding of what China now is. He saw how China’s manufacturing and technology have advanced so far that in many ways it now surpasses the United States’.

In this conversation, Friedman walks me through the advancements he saw in some of the most critical fields of the coming decades — including A.I., E.V.s and clean energy. We discuss why he sees the current consensus as dangerous, what a different path might look like and what the United States should do to develop its domestic manufacturing so that we don’t “get steamrolled.”

This episode contains strong language.

Mentioned:

“I Just Saw the Future. It Was Not in America.” by Thomas L. Friedman

“China's overlapping tech-industrial ecosystems” by Kyle Chan

Genesis by Henry A. Kissinger, Eric Schmidt and Craig Mundie 

Book Recommendations:

The works of Yuval Noah Harari

Thoughts? Guest suggestions? Email us at [email protected].

You can find the transcript and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.

This episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact-checking by Michelle Harris, with Mary Marge Locker and Kate Sinclair. Mixing by Isaac Jones, with Aman Sahota and Efim Shapiro. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Annie Galvin, Elias Isquith, Marina King, Jan Kobal, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. And special thanks to Zoe Zongyuan Liu, Kyle Chan and Matt Sheehan.

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.

After a week of market chaos, President Trump pulled back from the brink. But he didn’t pull that far back. He left a 10 percent tariff on most of the world and launched a trade war with China. It’s unclear what he will do after this 90-day pause or what countries need to do to satisfy him. But one thing that is very clear now is that our economy is subject to one man’s whims.

How are businesses supposed to adapt to this new reality? What is this new reality?

Peter R. Orszag is the chief executive and chairman of Lazard, one of the world’s largest asset management and global financial advisory firms. He also served as the director of the Office of Management and Budget under President Barack Obama, so was a policymaker during a financial crisis. And over the past few months, he’s been talking to lots of C.E.O.s and corporate board members as they try to process these changing policies. I wanted to ask him what he’s been hearing and how he sees the volatility of this moment.

Mentioned:

“A User’s Guide to Restructuring the Global Trading System” by Stephen Miran

“Paul Krugman on the ‘Biggest Trade Shock in History’” by The Ezra Klein Show

Trade Wars Are Class Wars by Matthew C. Klein and Michael Pettis

Book Recommendations:

Underground Empire by Henry Farrell and Abraham Newman

Chokepoints by Edward Fishman

Smart Money by Brunello Rosa and Casey Larsen

The Catalyst by Thomas R. Cech

Kaput by Wolfgang Münchau

Thoughts? Guest suggestions? Email us at [email protected].

You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.

This episode of “The Ezra Klein Show” was produced by Jack McCordick. Fact-checking by Michelle Harris, with Mary Marge Locker and Kate Sinclair. Mixing by Isaac Jones, with Aman Sahota and Efim Shapiro. Our executive producer is Claire Gordon. The show’s production team also includes Marie Cascione, Rollin Hu, Elias Isquith, Marina King, Jan Kobal and Kristin Lin. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Matt Klein.

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.

The tariffs President Trump unveiled this week were both bigger than most people expected and a lot more confusing. These aren’t the flat tariffs he proposed during the campaign. And they aren’t reciprocal tariffs, as he claimed in his Rose Garden speech. So what is Trump actually doing here?

I knew my former colleague Paul Krugman would have some thoughts. Krugman is a Nobel laureate trade economist who was a New York Times Opinion columnist for 25 years. He now writes an excellent newsletter on Substack, where he’s been trying to make sense of the theories behind Trump’s tariff policies and, now, their strange reality.

Mentioned:

“Stop Looking for Methods in the Madness” by Paul Krugman

Book Recommendations:

The Price of Peace by Zachary D. Carter

How Not to Invest by Barry Ritholtz

War and Power by Phillips Payson O’Brien

Thoughts? Guest suggestions? Email us at [email protected].

You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.

This episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact-checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Mixing by Efim Shapiro and Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Elias Isquith, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The director of New York Times Opinion Audio is Annie-Rose Strasser.

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.

There’s something of a policy revolution afoot: As of March, more than a dozen states — including California, Florida and Ohio — have passed bills or adopted policies that aim to limit cellphone usage at school. More are expected to follow.

Jonathan Haidt is the leader of this particular insurgency. “The Anxious Generation: How the Great Rewiring of Childhood Is Causing an Epidemic of Mental Illness,” his book exploring the decline of the “play-based childhood” and the rise of the “phone-based childhood,” has been on the New York Times best-seller list for a year. It feels, to me, like we’re finally figuring out a reasonable approach to smartphones and social media and kids … just in time for that approach to be deranged by the question of A.I. and kids, which no one is really prepared for.

So I wanted to have Haidt on the show to talk through both of those topics, and the questions we often ignore beneath them: What is childhood for? What are parents for? What do human beings need in order to flourish? You know, the small stuff.

Haidt is a professor at New York University Stern School of Business and the author of “The Righteous Mind” and “The Coddling of the American Mind” (with Greg Lukianoff). His newsletter is called After Babel.

This episode contains strong language.

Mentioned:

“She Fell in Love With ChatGPT. Like, Actual Love. With Sex.” by The Daily

The Age of Addiction by David T. Courtwright

“Have Smartphones Destroyed a Generation?” By Jean Twenge

Stolen Focus by Johann Hari

Book Recommendations:

The Stoic Challenge by William B. Irvine

Deep Work by Cal Newport

How to Win Friends and Influence People by Dale Carnegie

Thoughts? Guest suggestions? Email us at [email protected].

You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.

This episode of “The Ezra Klein Show” was produced by Jack McCordick. Fact-checking by Mary Marge Locker and Kate Sinclair. Mixing by Isaac Jones, with Efim Shapiro and Aman Sahota. Our executive editor is Claire Gordon. The show’s production team also includes Michelle Harris, Rollin Hu, Elias Isquith and Kristin Lin. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser.

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.

The so-called Department of Government Efficiency is great branding. Who could be against a more efficient government? But “efficiency” obfuscates what’s really happening here.

Efficiency to what end? Elon Musk, President Trump and DOGE’s boosters have offered various objectives — cutting the deficit, eliminating fraud and abuse, creating a leaner and more responsive government. But DOGE’s actions in the past two months don’t seem to align with any of those goals.

Santi Ruiz is the senior editor at the Institute for Progress and the author and host of the “Statecraft” podcast and newsletter. He’s to my right politically and had higher hopes, at first, about DOGE’s efforts, but he’s now grappling with the reality of what it’s actually doing.

This episode contains strong language.

Mentioned:

“50 Thoughts on DOGE” by Santí Ruiz

“How to Defend Presidential Authority” by Santí Ruiz

“The Anti-D.E.I. Crusader Who Wants to Dismantle the Department of Education” by Ross Douthat

Book Recommendations:

Stalin’s War by Sean McMeekin

Back from the Brink by Peter Moskos

Power And Responsibility by Romano Guardini

Thoughts? Guest suggestions? Email us at [email protected].

You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.

This episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact-checking by Michelle Harris with Mary Marge Locker and Kate Sinclair. Mixing by Isaac Jones, with Efim Shapiro and Aman Sahota. Our executive producer is Claire Gordon. The show’s production team also includes Elias Isquith, Kristin Lin and Jack McCordick. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Switch and Board Podcast Studio, Ryan Bourne, Rohan Grey, Don Moynihan, Quinn Slobodian and Jennifer Pahlka.

Unlock full access to New York Times podcasts and explore everything from politics to pop culture. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify.