During the past week, we’ve seen the Bank of Japan and the Bank of England intervene to prop up their respective currencies. And both central banks were triaging havoc wreaked by the U.S. dollar wrecking ball. Michael Nicoletos and Michael Kao agree that the situation shares similarities with the 1997 Asian financial crisis. At the same time, as Kao points out in this engaging conversation, the inflation factor means the playbook must be different this time around. Eavesdrop on two great financial minds as they discuss the dollar’s impact on countries around the world and sketch scenarios for how it plays out. As Michael Kao sees it, there are no countries with economies strong enough to allow their central banks to out-hawk the Federal Reserve. Recorded on September 27, 2022.