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but the federal reserve even if you consider it a central bank its regulatory authority stops at the u.s border so if we have this monetary system this global reserve currency system even though its denominated in u.s dollars it is outside the jurisdiction of the federal reserve which is one of the primary reasons youve never heard about it [Music] it is my pleasure to welcome jeff snyder to the show ive been asking him to come on for a while and its good to have him here he is the head of global research for alhambra investments and youve probably seen him around or heard his name he is a specialist in teaching people about the euro dollar so were going to learn all about the euro dollar today and uh jeff welcome how are you doing im great jason thanks for having me i know we had we exchanged messages and i missed a few of those along the way but its great to finally be able to connect with you well were glad to have you on and especially since we are neighbors youre right h