In this month’s Meeting of Minds, Raoul presents two pieces. The first, “Plumbing the Macro Depths” discusses the threat that tightening dollar liquidity poses to global markets. The second, “A New Monetary Future” is a discussion of the future of currency itself, prompted by Mark Carney’s comments about the need for a digital alternative to the US Dollar. The common element is the centrality of the global reserve currency to global markets. Since the first piece was released, the Fed acted to supply liquidity to avoid precisely the kind of repercussions Raoul feared.