Fall 2026 Semester: The Financial System (And Its Challenges)

Professor of Public Affairs and Economics at the University of Wisconsin • Aug 18, 2026 at 12:49 AM EDT

Rising climate risks and the erosion of the dollar's exorbitant privilege are reshaping the financial system.

Last year I added cryptocurrencies and private credit to the coverage. What should I add this Fall?

The erosion of exorbitant privilege:

Insurance non-renewals due to climate change, from NYT:

as costs from climate change rise:

Source: ClimateCentral accessed 8/17/2026. (Note: This data used to be provided by the US government pre-Trump 2.0).

Asset bubble or boom?

Source: Shiller.

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