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The end of the petrodollar marks the first step towards eliminating the dollar as the reserve currency. This will have significant economic consequences and we need to be honest about it. The Russians have greatly benefited from this situation. The actions of the Washington politicians, including Mr. Romney, have all failed and backfired. They are shameless frauds.

Gaddafi's plan to introduce the Gold Dinar threatened Western monetary dominance. His vision of a united Africa with a common currency aimed to free the continent from Western exploitation. Economic sanctions were imposed to stop him. Despite this, Gaddafi persisted, but covert operations led to his downfall. Libya became unstable, Africa lost a visionary leader, and hopes for economic liberation were dashed. Corruption in governments continues to benefit the few at the expense of many, perpetuating economic injustice globally. Translation: Gaddafi's plan for a new currency challenged the West, leading to sanctions and his downfall. Africa lost a leader, and corruption persists, hindering economic justice.

Bretton Woods emerged during wartime when the United States leveraged its position to shape a new monetary system centered on the US dollar. At the Bretton Woods Conference, 44 states signed off on a treaty that bound postwar nations to using the dollar as the principal currency for world settlements, with the dollar fixed to gold at 35 dollars per ounce. This Gold-vanilla dollar standard created confidence that every dollar was worth a specific amount of gold, effectively anchoring global finance to gold and supporting widespread use of the dollar. The arrangement worked reasonably well for a period, but the United States’ domestic and foreign actions—driven by frequent wars and large domestic spending—made fiscal conditions unstable. By the 1970s, the US was engaged in Vietnam and expanding welfare, Medicare, and other social reforms alongside massive infrastructure spending, which generated substantial debt. As debt grew, other countries questioned the productivity of that spending and began to worry about accumulating more debt. France, Italy, Germany, and Britain sought gold in exchange for surplus dollars. The US sometimes accepted, but not uniformly; notably, the governor of the German Bundesbank committed never to ask for gold again, while other nations pressed for gold or alternatives. The system’s stability eroded as countries contemplated how to avoid reliance on the dollar. In 1971, Richard Nixon unilaterally suspended the exchange of dollars for gold, after weekend discussions with advisers, effectively ending the gold convertibility of the dollar and establishing fiat currencies not fixed to gold or to the dollar. The transition produced a volatile period with few established foreign exchange mechanisms, leaving the world in a more unsettled monetary environment. To stabilize the system, Henry Kissinger and Treasury officials pursued a new anchor by tying the dollar to a globally demanded commodity: oil. The idea was that oil would create sustained demand for the dollar. Following this, the United States and allied nations promoted the policy that oil would be sold in dollars, and many Middle Eastern producers aligned with this arrangement. Leaders of some oil-producing countries faced severe consequences for resisting the dollar-based system: for example, Saddam Hussein and Muammar Gaddafi sought to sell oil in currencies other than the dollar and faced significant repercussions, including their deaths and the occupation of oilfields by American forces when necessary. This dollar-oil linkage functioned as a mechanism to stabilize the post-gold monetary order but drew increasing criticism for coercive and violent measures to maintain the system, contributing to growing global interest in moving away from dollar dependence.

- Speaker 0: Since Israel began strikes on Gaza after Hamas’ surprise attack on October 7, it has targeted residential buildings. The UN says nearly 200,000 structures have been destroyed or damaged. With so many fleeing attacks, Palestinians packed into makeshift shelters, many of them UN run schools, but they were not safe. More than 1,000 schools have been bombed, and Israel has destroyed most of Gaza's hospitals, including Al Shifa, where more than 400 Palestinians were killed in a raid in March 2024. - Speaker 1: We make the best weapons in the world, and we’ve got a lot of them. And we’ve given a lot to Israel, frankly. And I mean, Bibi would call me so many times, can you get me this weapon, that weapon, that weapon. Some of them I never heard of, baby, and I made them. But we’d get them here, wouldn’t we? And they are the best. They are the best. And you but you used them well. It also takes people that know how to use them, and you obviously used them very well. But so many that Israel became strong and powerful, which ultimately led to peace. That’s what led to peace. So as we celebrate today, let us remember how this nightmare of depravity and death all began. - Speaker 2: In 1948, when the land of Palestine was officially stolen and given to a group of rabid Zionists who murdered over 10,000 Palestinians. This crime against humanity was decided as early as 1917 with the Balfour Declaration, the British Crown, and Lord Rothschild of the Rothschild banking dynasty, otherwise known as the Bank of England, who when it’s all said and done, will have control over hundreds of billions of dollars worth of Palestinian oil and gas reserves. As Michael Roverero famously said, all wars are bankers’ wars. According to Benjamin Franklin, the primary catalyst for the American Revolution was the Bank of England’s Currency Act. After the revolution, a value based economy with no interest being paid to any central bank was created. But it didn’t last long. The first bank of the United States was chartered in 1791 and favored foreign stockholders over Americans. The charter ended in January 1811 followed by the war of eighteen twelve and the establishment of the second bank of the United States in 1816, which gave more power to the Bank of England. Andrew Jackson successfully killed the bank’s renewal and shortly after became the first US president targeted for assassination when Richard Lawrence drew pistols on him outside The US capital, but misfired. Laws were passed in the early eighteen sixties for the US government to issue its own currency in a value based economy as opposed to the debt based system imposed by central banks. According to an 1864 edition of the London Times, this would have made America the wealthiest nation of the world. The article warned that if a government creates its own money, it will be without debt. It will become prosperous without precedent in the history of the world and therefore must be destroyed. In 1865, president Lincoln was assassinated, and the economy was quickly phased back to the central bank’s debt enslavement model. In 1913, the tyrannical Federal Reserve Bank and federal income tax was born. The two world wars brought Germany under the heel of the central banking cartel. Western banking institutions financed the Bolshevik revolution. In 2000, Iraq stopped selling its oil and Federal Reserve notes. In 2003, Iraq was illegally invaded by The United States and dollar based oil sales were reinstated. In Libya, Muammar Gaddafi’s gold dinar currency was making the nation rich. In 2011, The US invaded and reverted Libya’s oil sales to dollars. The Bank for International Settlements recently proposed efforts under the guise of anti money laundering that would provide scores to tokens and digital wallets including stablecoins. Digital ID, social credit scores, and a carbon tax is what the bankers are up to now. And everything else is a distraction. Today’s war is mostly psychological, and it’s being waged upon you. Greg Reese reporting. The Reiss report is now fully funded by my Substack subscribers. Subscribe today and support my work at gregreiss.substack.com.

The discussion centers on the Venezuelan political crisis, U.S. involvement, and historical precedents of regime change in the region. The speakers contrast current military buildup around Venezuela with past Latin American coups, and they assess domestic support, international dynamics, and potential outcomes. - Venezuela under Maduro: Speaker 0 notes a broader deployment of military infrastructure than in recent Latin American coups, implying heightened risk or intensity of any intervention. Speaker 1 counters that domestically there is a “rally around the flag” effect in response to U.S. threats, with about 20% of Venezuelans supporting U.S. military intervention and over 55% opposing it. - Regime-change calculus: The conversation asks for the value of regime change when Maduro is willing to open the Venezuelan market to the U.S. Speaker 1 responds that there is no clear political or economic value to regime change; the predicted consequences would include a massive migration wave, civil war, and higher oil prices. They discuss the implications of implementing a regime-change strategy in the Venezuelan context. - Cartel of the Suns: The Cartel of the Suns is discussed as a U.S.-designated terrorist group. Speaker 1 explains that the designation emerged from a DOJ/intelligence collaboration during the Trump era, with William Barr involved in pursuing Maduro. The term traces back to the Reagan era, when the CIA and DEA allegedly allowed drug trafficking through Venezuela to monitor routes, revealing a long history of U.S. involvement in narco-trafficking networks as a tool of influence. Ramon Guillen Davia is named as a Venezuelan National Guard contact, with broader exposure through media such as a 60 Minutes segment and a New York Times expose by Tim Weiner. The cartel’s earlier existence and its resurfacing in U.S. legal actions are tied to broader U.S. efforts to delegitimize Maduro’s government. - Venezuelan political history since Chavez: Speaker 1 outlines Chavez’s rise and popularity (e.g., reducing extreme poverty by 60% before sanctions), the 2002 coup attempt led by opposition figures including Leopoldo Lopez, and the subsequent public support for Chavez when the people protested to restore him. They describe “La Salida” in 2004–2014 as an opposition strategy funded by U.S. entities (NED, USAID) to depose Chavez, with various protests and riots that damaged the economy. After Chavez, Maduro faced U.S. sanctions and a narrative of illegitimacy framed by the opposition’s efforts to install Guaidó as a parallel government in 2019, enabling asset seizures and embargos on Venezuela’s Sitco assets. - 2019 events and aftermath: The 2019 U.S.-backed attempt to install Juan Guaido as interim president is described, including the staged “humanitarian aid” convoy at the Colombia border which failed; Guaidó’s association with Las Bratas (the Las Frastrojos cartel members) is cited as a public-relations embarrassment, corroborated by major outlets. Leopoldo Lopez is described as a persistent organizer of opposition efforts, connected to a broader U.S.-funded framework through the CIA’s ecosystem (Canvas, Einstein Institute), and by extension to regime-change policy. The possibility of Maduro arresting Guaido is discussed as strategically unwise for Maduro to avoid bolstering U.S. claims of repression. - Opposition fragmentation and polling: The panel debates whether the opposition has broad support. Speaker 1 says a November poll by Datanalysis shows Maria Carina Machado at roughly 14–15% and Maduro around 20%, with most voters undecided and younger voters leaning toward external media narratives. Older, rural, and poor Venezuelans—Chavista base—remain a significant portion of the population. Young people are described as more influenced by social media and potentially more susceptible to pro-U.S. messaging but not broadly supportive of the radical opposition. - External actors and drug-trafficking links: The dialogue links narco-trafficking networks to geopolitical strategy, arguing that the U.S. has used or tolerates narcotics channels to fund political aims in Latin America. The discussion covers broader examples, including Ecuador and the Balkans, and references to U.S. figures and policies (e.g., regime-change agendas, naval movements, sanctions, and strategic partnerships) to illustrate how narcotics intersects with geopolitics. - Geopolitical trajectory and outcomes: The speakers speculate on possible futures: (1) a negotiated deal between Trump and Maduro or U.S. diplomacy (with the oil sector’s re-entry and debt relief) being preferable to open intervention; (2) a decapitation strike leading to destabilization and civil war with severe humanitarian and migration consequences; (3) ongoing sanctions and coercive measures as a long-term strategy. They caution that a direct, large-scale military invasion seems unlikely due to political and logistical risks, including American public opinion and potential backlash if U.S. troops are lost. - Global context and strategy: The broader international framework is discussed, including the U.S. strategic doctrine shifting toward a multipolar world and hemispheric dominance concerns. The conversation touches on how U.S. policy toward Venezuela fits into wider ambitions regarding Russia, China, and regional partners, as well as potential domestic political changes in the U.S. that could influence future approaches to Venezuela and Latin America. - Concluding note: The discussion closes with reflections on the complexity of regime-change ambitions, the difficulty of predicting outcomes, and the possibility that diplomacy or limited, targeted pressure may emerge as more viable paths than broad invasion or decapitation strategies. The participants acknowledge the influence of regional personalities and U.S. domestic politics on policy direction.

The US dollar's position as the world's reserve currency is being questioned due to the use of sanctions as a foreign policy tool. This move is seen as a strategic mistake by US political leaders, as it weakens American power. The massive debt of $33 trillion is a clear indication of the consequences. Even US allies are reducing their dollar reserves, seeking ways to protect themselves. The imposition of restrictive measures on certain countries raises concerns and sends a signal to the world. It is important for the United States to understand the impact of these actions and the significance of the dollar for their own country.

In 2000, Iraq switched from trading oil in US dollars to euros, leading to tensions with the US. After 9/11, the US falsely claimed Iraq had weapons of mass destruction. Today, the US is at odds with Russia and China for not using US dollars for oil. The speaker predicts a future conflict in Ukraine, warning of lies to justify war. They caution against media manipulation and urge vigilance.

In a wide-ranging discussion about the January 3 operation in Venezuela, the speakers explore initial reactions, possible motives, and the broader geopolitical implications. - Initial reaction and early concerns: The exchange begins with the worry that the events marked the start of a full amphibious assault or a new war. Speaker 1 recalls staying up late and being shocked by the “sheer gangsterism” of Maduro’s kidnapping, noting that Maduro was flown out of the country with little resistance. He models several theories around how such an operation could occur with minimal opposition and suggests the possibility of a negotiated exit that would keep the Chavista structure in place through a successor like Delsy Rodriguez. - The “deal” theory and who might be involved: Speaker 1 explains a theory that Donald Trump and Marco Rubio wanted a negotiated exit for Maduro that would allow the Pesuv (Chavista) structure to remain and enable the installation of a figure like Delsy Rodriguez to work within Chavismo to secure resource contracts for Trump’s allies. He cites sources close to negotiations and references coverage in the New York Times supporting elements of this narrative. He also notes Trump’s public dismissal of Maria Carina Machado as lacking support to rule, a point he says he predicted on a livestream. - The military stand-down hypothesis: The conversation delves into why no strikes targeted the helicopters, positing a stand-down order. Speaker 0 asks who would authorize such a stand-down and cites Ian Bremmer’s assessment as a possibility but unlikely due to the risk. Speaker 1 acknowledges the plausibility of many theories, including the idea that a stand-down could spare the country from greater U.S. violence, reminiscent of past operations in Baghdad or Raqqa, and emphasizes that the question of who issued any stand-down order remains unresolved. He mentions Delsy Rodriguez’s potential self-protection concerns and notes Diosdado Cabello’s visible signaling alongside military figures after Maduro’s abduction. - Delsy Rodriguez and potential motivations: The interlocutors discuss Rodriguez’s political stature, her management of Venezuela’s COVID response, and the perception she could pose a more direct challenge to U.S. interests due to her economic stabilization efforts and heavy ties to China. Speaker 1 underscores that Rodriguez stabilized the economy and was central to a revival that included substantial China-driven oil exports, a point supported by a New York Times profile. He clarifies that he did not speculate Rodriguez was the U.S. mole but stresses she would be asked by interviewers about such questions. - Maduro’s leadership and the economic crisis: The participants debate Maduro’s competence, acknowledging corruption and structural issues within a petro-state framework but arguing that the decline in living standards and oil production has deep roots, including U.S. sanctions and geopolitical pressure. Speaker 1 contends that while Maduro was not a “stupid” leader, Chavez-era and post-Chavez mismanagement, together with U.S. financial sanctions and regime-change tactics, contributed to Venezuela’s economic collapse. He insists the regime’s persistence does not hinge on one leader and cautions against simplistic characterizations of Maduro or Chavez as solely responsible for ruin. - Economic dynamics and sanctions: The discussion emphasizes that Venezuela’s economic trajectory has been shaped by sanctions and counter-sanctions, with Speaker 1 asserting that U.S. maximum-pressure campaigns and the theft of assets (including Sitco and gold reserves) severely impacted the economy. He argues the sanctions constitute financial terrorism and compares U.S. policy to broader imperial dynamics centered on dollar dominance and oil leverage. - Regime change prospects and future leadership: The speakers speculate about possible future leadership within the Pesuv or an alternative power structure, including the potential grooming of a candidate from within the regime or the return of Maria Carina Machado if conditions align. They note that a political shift would require military backing, and they discuss whether an eventual election could be staged or delayed to a more favorable time for U.S. interests. They emphasize that, absent military support, it would be difficult for any non-Maduro leadership to emerge. - China, Russia, and global signaling: The conversation covers the Chinese envoy’s presence in Caracas before the operation and the broader implications for China’s role in Venezuela. Speaker 1 argues the operation sent a global message to rivals (China, Russia, Iran) that the U.S. can seize leadership and resources, while also suggesting that China could be leveraged to avoid deeper conflict by permitting continued oil exports. The dialogue also touches on potential retaliatory moves by Russia or China and the broader geopolitical chessboard, including implications for Greenland and other strategic theaters. - Legal proceedings and comparisons to other regime changes: Maduro’s indictment in the Southern District of New York is discussed, with reflections on its weaknesses and how it compares to similar prosecutions (e.g., Juan Orlando Hernandez). The discussion concludes with a sense that Venezuela will likely face a prolonged, complex confrontation, with lingering questions about who will govern next and under what terms.

Larry Johnson and Glenn discuss the shifting dynamics of the US dollar, the international financial system, and the rise of competing powers. - Johnson recalls the 1965 term exorbitant privilege describing the US dollar’s reserve-currency advantages. In 1971, the US closed the gold window, ending fixed gold value for the dollar; the dollar later became backed by “our promise,” enabling the petrodollar system as oil purchases were conducted in dollars. The dollar’s dominance rested on predictability, a stable legal system, and non-abusive use of the dollar as an economic tool rather than a political weapon. - Trump-era sanctions expanded broadly, impacting friends and adversaries alike, and BRICS nations began moving away from the dollar. Russia’s disconnection from SWIFT after its 2022 actions is noted as a turning point that encouraged the BRICS’ development of alternative financial infrastructure, including China’s cross-border interbank payment system (CIPS). This shift accelerates the decline of the dollar’s dominance. - Nations like Russia and China (and India, Brazil) are unloading US Treasuries and increasing gold and silver holdings. This is tied to concerns about the dollar’s reliability and the reduced faith in paper promises. The BRICS countries reportedly plan a currency tied to gold, with components of their reserves backing individual BRICS currencies, signaling a structural move away from the dollar. - The paper-gold issue is central: for every ounce of real gold, there is a range of 20-to-1 to 100-to-1 in paper gold. This disparity can undermine trust in the paper promise and create a run on physical gold. The price gap between New York (lower) and Shanghai (higher) for gold demonstrates a market dislocation and growing demand for physical metal. - Glenn emphasizes that a unipolar dollar system allows the US to run large deficits via inflation, which acts as a hidden tax on global dollar holders. Weaponizing the dollar through sanctions challenges trust and accelerates decoupling, prompting other nations to seek alternatives to reduce exposure. - Johnson argues that the US is confronting a historic realignment: the Bretton Woods order is dissolving, the dollar’s international dominance is waning, and sanctions and coercive policies are provoking pushback. He highlights Japan as a major remaining dollar treasuries holder that is now offloading, further increasing dollar supply and depressing its value. - The geopolitical implications are significant. Johnson warns that potential US actions against Iran—given their strategic position and the Gulf oil supply—could trigger a severe global disruption, including a price surge in oil. He notes that such actions would complicate global stability and magnify inflationary pressures. - The discussion also covers NATO’s cohesion, Western attempts to shape global alignments, and how rapidly shifting leverage could undermine existing alliances. Johnson suggests that Russia’s strategic gains in the war in Ukraine, combined with Western missteps, may prompt a rapid reevaluation of settlements and borders, while also noting that Russia’s position has hardened. - On Venezuela, Johnson argues that the stated pretexts (drug trafficking, oil control) were questionable and points to economic motives, including revenue opportunities for political allies like Paul Singer, and to Greenland’s strategic interests as possible motivators for US actions. - Looking ahead, Johnson predicts hyperinflation for the United States as the dollar loses value globally, while gold and silver retain value. He asserts that the ruble and yuan may hold value better, and that a mass shift toward de-dollarization is likely to continue, potentially culminating in a new multipolar financial order. - Both speakers agree that trust and predictability are crucial; the current trajectory—threats, sanctions, and unilateral actions—undermines trust and accelerates the move toward alternative currencies and stronger physical-commodity holdings. The overall tone is that a pivotal, watershed moment is unfolding in the global monetary system.

Ironically, it’s happening organically outside of BRICS anyway. For example, Enbridge and Brazil trade with China 48% in non-dollar terms. Russia–China trade is 95% in rubles and renminbi. Russia also trades with India similarly. BRICS is not driving this alone; these are individual developments. BRICS, a bit more than a decade ago, was the first to implement a framework agreement between them to move toward using national currencies more. It was still a time of less turbulence in the international scene, and the move was not for each country at once but addressed different pockets of activity. China, at that point, not only advanced this BRICS framework agreement but also struck agreements with 22 countries outside BRICS to use the renminbi. Russia did not abandon the dollar; it started using its own currency and other currencies as well. The aim was not to be against the dollar but to avoid being ordered by others about what they should or should not do. This shift occurred before Trump, though Trump contributed to the trend as well; the speaker notes they cannot simply blame Biden. The era of dollar and SWIFT being used as a weapon began to become explicit. The claim is that the dollar was promoted as a public good available to everyone no matter what happened, and then that expectation was broken. Russia has faced the most sanctions, over 20,000 in total, and the speaker suggests there may be more to come. There is large pressure from the US on each country. The UAE is mentioned as being cautious about moving too far, but each BRICS member now understands that this could be turned against them as well. That awareness is driving the direction toward greater use of national currencies and non-dollar transactions.

Speaker 0 argues that despite claims that the United States kidnapped Maduro in Venezuela to seize oil resources, the true motive was to counter China. China, according to the speaker, has tools and weapons that could destabilize the U.S. dollar, which would impact civil markets. At the start of the year, China announced it would restrict exports of its silver, and since China dominates the silver market, this caused the price of silver to surge. The speaker asserts that if the United States embargoed China's oil, China could dump its U.S. Treasuries and cause financial havoc, potentially destroying both nations. A central metaphor is presented: a ladder over an abyss, with both China and the United States attempting to climb it together. The United States supposedly insists on remaining higher than China; if the U.S. goes too far and falls behind, the latter destabilizes and both fall into the abyss. Conversely, if China overtakes and climbs too far, they both fall. The speaker contends that the American financial industry currently lacks the capacity to self-correct, and a market collapse could pull the entire economy down. Another major problem cited is over-financialization. Regarding silver, the speaker asserts that China needs silver, but in the United States it is used for speculation, describing silver as “really just paper silver.” They claim that some companies, such as JPMorgan, are significantly overleveraged—“300 to one”—so every ounce of silver they hold is promised 300 on paper. The speaker then shifts to a geopolitical forecast: “This war will be settled in Odessa.” NATO, they claim, will commit to defending Odessa; Russia will encircle and blockade, and NATO will be unable to hold on. Europeans would be forced to be conscripted to fight in Odessa, would refuse, and civil war would ensue across Europe. The timeframe is given as five to ten years, with a note that it would be a slow death for Europe, and that some aspects are expected to unfold “this year.”

Speaker 0 argues that Venezuela may not want to ally with this Western form of economic exchange, noting they have tried to join BRICS twice but were vetoed by neighboring Brazil. They describe Venezuela as one of the few countries not controlled by private equity oligarchs and central banksters, and say Venezuela pushed back on a monetary exchange that relies on high-interest promissory notes back to Rothschild Boulevard, like Saddam Hussein, Bashar al-Assad, and Muammar Gaddafi. They claim Maduro has effectively been kidnapped, and that Trump said, “kidnapped is fine.” The question is how such events can be real and presented as beneficial to Americans, asserting that economically, there is no benefit to the average citizen or to national security, and that it puts the United States in more imminent, grave danger as the U.S. “agitates around the world,” including in relation to Israel’s enemies. Speaker 1 adds that there will be a political and economic reset, suggesting that silver and gold are at record highs and that gold and silver have tripled historically in short periods, leading to a system reset of sorts. They say Venezuela’s attempts to join the system were to be part of a new framework that Russia, China, Iran and BRICS were trying to create, which would go against the dollar as the global reserve currency and directly affect the U.S. economy. They ask whether this should change. Speaker 0 elaborates that the issue is about flipping countries into the same central banker–controlled monetary exchange system. Speaker 1 notes that Trump, from day one, warned that if you mess with the U.S. dollar or trade outside of the dollar, the U.S. will punish you via sanctions or strikes, and that this is what has been happening. They discuss the possibility that if the system resets and a combination of gold, silver, and possibly crypto or other minerals backs a new dollar or digital currency emerges, the entire game could reset and eliminate these types of issues. In such a scenario, countries might have a looser ability to choose or replace the type of system their country is under.

The US dollar's dominance is being challenged by countries like Iran, Libya, and China who are bypassing it in trade. Gold is being used as an alternative currency, with countries like Germany and Venezuela repatriating their gold reserves. The Federal Reserve's increasing currency printing is seen as a threat to the dollar's stability. These actions are seen as accelerating the demise of the dollar standard, signaling a need for change soon.

Gaddafi's plan to introduce the Gold Dinar threatened Western monetary dominance. The West imposed sanctions, leading to Gaddafi's downfall and a fractured Libya. Africa lost a leader with a vision for economic liberation. Corruption in governments perpetuates a system benefiting the few at the expense of many, hindering economic justice and self-determination globally. Translation: Gaddafi's Gold Dinar plan challenged Western power, leading to sanctions and Libya's instability. Africa lost a leader aiming for economic freedom. Corruption hinders global economic justice and self-determination.

Jeffrey Sachs argues that "economic statecraft" is a euphemism for coercion, describing it as "war by economic means" used largely by the United States to crush other economies rather than to promote development or cooperation. He notes that treasury officials have framed it proudly as a tool to bring about regime change, citing Scott Besent’s Davos remarks about crushing the Iranian economy to foment change. Sachs emphasizes that this machinery is "warfare" aimed at destruction, not at improving well-being or enriching the United States, and it has real human costs—driving impoverishment, health crises, and rising mortality. To understand this tool, Sachs situates it within American imperial practice, which he says relies on indirect rule through puppet regimes rather than outright territorial conquest. He traces the lineage to the late 19th and early 20th centuries, including the overthrow of the Kingdom of Hawaii, the phasing of interventions in Latin America under the Monroe Doctrine’s Roosevelt Corollary, and the 1954 Guatemalan coup against Jacobo Arbenz. He cites Lindsey O’Rourke’s Covert Regime Change, which counted 64 covert regime-change operations by the United States between 1947 and 1989. Economic statecraft, in his view, can function as a regime-change instrument by weakening an economy enough to destabilize a government, facilitating CIA-led or CIA-backed interventions, sometimes wrapped as color revolutions. In the Venezuela case, Sachs traces the shift from a failed 2002 coup attempt to economic coercion as the primary mechanism of pressure. He explains how Venezuela’s oil wealth, once seen as the world’s largest reserves, interacted with U.S. corporate and political power—ExxonMobil and Chevron among them—and how that dynamic fed efforts to topple the Chávez/Maduro governments. He describes the sequence starting with 2014 color-revolution attempts, the role of U.S. funding and media operations via organizations like the National Endowment for Democracy, and the crackdown that followed protests. Sanctions escalated under Obama with the designation of Venezuela as a national security emergency and intensified under Trump, including confiscating foreign-exchange reserves, freezing accounts, and declaring PDVSA under sanction. This culminated in Severe economic collapse: oil production fell about 75% from 2016 to 2020, currency and import capacities deteriorated, and per-capita output dropped by about two-thirds, which Sachs characterizes as "worse than a war." He also points to Trump’s unorthodox actions, such as naming Juan Guaidó as president in IMF context, signaling a unilateral reshaping of legitimacy. For Iran, Sachs describes decades of comprehensive sanctions and Trump’s renewed push to crush the economy using OFAC and extraterritorial sanctions. He cites Scott Besant’s interview claiming that by December, the currency had plummeted and dollar shortages followed, framing this as a deliberate regime-change strategy. He notes that mainstream media largely omitted the causal narrative—U.S. role in provoking protests—despite Besant’s public account. Looking ahead, Sachs discusses the multi-polarity challenge. He suggests that the dollar's dominance is waning as alternative settlement systems emerge, such as non-dollar currencies and parallel institutions, notably driven by China and BRICS members. He envisions a shift toward non-dollar settlements—potentially 25% of global transactions within ten years—enabled by digital settlements and new infrastructure that reduces the reach of U.S. extraterritorial sanctions. However, achieving this requires new, dollar-independent institutions, since existing banks remain reluctant to abandon dollar-based business due to sanctions risk. He concludes by noting that the United States’ heavy-handed currency policy may not be sustainable in the long run, as sanctions reach could lessen once non-dollar settlement networks gain traction. The host closes, recognizing this as a pivotal moment where U.S. coercion could either deter rivals or precipitate broader self-harm, and thanks Sachs for his insights.

The transcript presents a sequence of claims about the origin of the petrodollar system and the role of U.S. leadership in shaping how oil is priced and traded globally. It asserts that the petrodollar was "actually a device invented by Kissinger and Nixon," attributing the concept to the efforts and ideas of two prominent U.S. officials, Henry Kissinger and Richard Nixon. It then references a specific historical event: a secret meeting between U.S. President Richard Nixon and the Kingdom of Saudi Arabia, with Kissinger serving as Secretary of State and national security adviser. The meeting is said to have occurred aboard a battleship, the USS Quincy, and is described as one for which "very few records were kept." The transcript links this clandestine encounter to a broader strategic arrangement involving Saudi Arabia, implying that the purpose of the meeting was to secure the United States’ exclusive rights to develop oil from Saudi Arabia using U.S. dollars. According to the speaker, the underlying exchange was that Roosevelt promised the king of Saudi Arabia weapons and protection in return for the United States obtaining the exclusive right to develop Saudi oil using dollars. The consequence of this arrangement, as stated, is that oil would subsequently be priced in U.S. dollars. Furthermore, the text asserts that if other countries attempted to obtain oil without using dollars, those countries historically needed "more freedom in their lives," implying a link between currency choice for oil transactions and the level of political or economic freedom in those countries. In summary, the transcript presents a narrative in which the petrodollar system originated from a high-level U.S.-Saudi agreement tied to weaponry and defense guarantees, formalized through a secret meeting on the USS Quincy, and culminating in oil being priced and traded in U.S. dollars. It frames this development as a deliberate construct by Henry Kissinger and Richard Nixon, with a consequential condition that deviating from the dollar-based oil trade would relate to a demand for greater freedom in the countries involved.

The United States invaded Iraq in 2003 because Iraq started trading oil in euros instead of US dollars. After 9/11, the US claimed Iraq had weapons of mass destruction and harbored terrorists, leading to the invasion. Currently, the US is facing potential conflicts with Russia and China for trading oil in currencies other than the dollar. The speaker warns of a possible future war in Ukraine orchestrated by the military-industrial complex, urging people to be wary of lies told to justify sending troops overseas. The speaker emphasizes the need to question media narratives and highlights the shift in US military focus from the Middle East to Eastern Europe.

Peter Schiff and the hosts discuss how surging gold and silver prices relate to potential banking instability and a broader dollar crisis. Key points: - Silver production is about 800,000,000 ounces per year, while bank shorts on silver are claimed at 4,400,000,000 ounces according to some reports. The implication is that if silver continues to rise, the biggest banks in America could face severe coverage challenges for their short positions. The discussion notes that many banks are “barely covering their asses to stay afloat.” - Gold and silver price levels are highlighted: gold at about $4,600 per ounce after a bounce, and silver at about $92 per ounce. Peter Schiff, introduced as a silver and gold expert and economist, has authored The Real Crash, How to Save Yourself and Your Country, and America’s Coming Bankruptcy. The host mentions the book. - Peter Schiff’s perspective on timing and crisis: he says the 2013 book predicted the current situation and that gold and silver have risen significantly—gold up, silver up substantially. He believes the price moves signal a major warning of a financial or economic crisis, comparing it to the subprime warning before the 2008 crisis. He asserts this time the warning concerns the U.S. government sovereign credit and a potential dollar crisis and U.S. Treasury crisis, possibly unfolding next year. - Connection to global debt and the dollar: Schiff explains that much debt is sustainable because the U.S. dollar serves as the global reserve currency, enabling continued spending. He notes foreign central banks buying gold instead of U.S. Treasuries, moving out of dollars into gold, and cites U.S. intervention in oil-rich Venezuela as part of broader moves to keep oil prices down. He argues that the dollar’s reserve status is eroding, and a meaningful decline in the dollar relative to other currencies could soon impact consumer prices and interest rates, leading to higher costs for Americans. - Impact on the average person: Schiff asserts that the reserve currency status has long supported a standard of living that relies on importing goods paid for with dollars created “out of thin air.” As the dollar collapses and the world shifts away from the dollar, the dollars earned and saved by ordinary people will buy less, with price spikes across goods and services. He suggests a future scenario where prices rise dramatically while wages do not keep pace, giving an example of a hamburger potentially rising from $15 to $30 or $50, and services versus goods diverging in price movement. - Preparation and investment stance: Schiff emphasizes that gold and silver have performed well since the turn of the century, outperforming the Dow in real terms. He argues for moving wealth into real money rather than paper assets and notes, in general terms, opportunities in mining stocks as a hedge, including juniors and mid-tier producers. He references the broader strategy of diversifying out of U.S. stocks, bonds, and dollars to protect wealth during what he describes as a coming real crisis; he stresses focusing on real assets rather than relying on the dollar. - Final remarks: Schiff reiterates that the crisis is coming and that some Americans should consider protecting wealth through precious metals and mining opportunities, while the hosts acknowledge the outlook and thank him for the insights.

Muammar Gaddafi was killed because he was working with other African leaders to establish Africa's first Central Bank, which would have backed its currency with the continent's natural resources. This move threatened the global economic order dominated by currencies not backed by resources. Gaddafi's assassination was to prevent the creation of a Central Bank of Africa and the end of modern slavery and neo-colonialism on the continent.

Peter Schiff discusses the economic dimension of the Iran war, arguing it will have negative implications for the U.S. and global economy. He notes the economy was weak before the war, citing February jobs data showing 92,000 lost jobs (the worst report in five years on the initial numbers) and later downward revisions indicating a larger October 2025 job loss. He says three of the last five monthly job reports show net losses, indicating a weakening labor market that will deteriorate due to the war. Inflationary pressures are already present, and he expects oil to rise toward $90 a barrel (up more than 60% so far in 2026). As a result, consumers face a weakening economy, job losses, and a higher cost of living. He also highlights the war’s cost and the likelihood that, if it lasts longer than anticipated, it will extend the period of volatility and expenditure. Schiff questions whether the war can achieve its stated objectives, suggesting that bombing alone may not produce regime change and that the ensuing vacuum could be filled by a regime more hostile to the United States. He warns that a ground campaign could entail substantial casualties on both sides and implies that a prolonged conflict could be economically and politically damaging. He argues wars are expensive and tend to fuel inflation through debt and money printing, describing the war as a net negative. Politically, he expects increased Republican losses in the midterms and a Democratic White House in 2028, which he views as detrimental to the U.S. economy due to a presumed shift toward more expansive socialist policies. Regarding whether war can serve as a distraction from domestic problems, Schiff allows the possibility but points out related risks: he notes Trump had accused Obama of starting a war with Iran to distract from domestic shortcomings and argues the current conflict could similarly divert attention from other problems. He contends that Trump’s tariffs and broader economic policies have been problematic, and he criticizes the administration’s handling of various policy areas, asserting that the war could undermine Trump’s previous anti-war stance and appeal. On regional dynamics and energy, Schiff emphasizes that Iran may target U.S. assets in neighboring countries, and missiles in the region could cause collateral damage and draw in other countries. He discusses potential spillovers, including possible alignment changes among regional powers and Russia and China, and raises the specter of a broader regional or even global confrontation. He criticizes the idea that the United States should be deeply engaged across multiple theaters and reiterates his preference for accountable congressional deliberation on war decisions. He argues that a wider conflict could involve escalation risks and that the U.S. finding itself bogged down and unable to achieve swift victory would damage its standing. Energy implications are highlighted: higher energy prices would burden consumers and limit spending elsewhere, with some winners (oil producers benefiting from higher prices) and many losers. Schiff notes Europe’s energy choices, political shifts toward restricting fossil fuels, and argues that energy costs will eventually impose political consequences in Europe. He also discusses the potential for the Gulf States to move away from the dollar as the petrodollar system faces stress, predicting that the war could hasten dedollarization and increased interest in gold. Gold and silver are discussed as price hedges: Schiff notes that gold and silver prices were not quickly dramatic in the immediate aftermath, with gold around $5,150–$5,300 and silver around $82–$83, but he remains bullish that prices will rise as the dollar declines and deficits expand. He predicts a substantial upside for precious metals and contends that the long-term trend toward dedollarization and greater gold ownership will intensify. He frames the war as a strategic and economic inflection point, with potential winners and losers, and argues that the overall effect on the world is negative, even if some actors profit.

The speaker argues that using the dollar as a tool of foreign policy is one of the biggest strategic mistakes by the US political leadership, stating that the dollar is the cornerstone of US power and that printing more dollars leads to their wide dispersion worldwide. Inflation in the United States is described as minimal, about 3% to 3.4%, and the speaker asserts that the US will not stop printing. The debt of $33 trillion is said to indicate emission, and the dollar is described as the main weapon used by the United States to preserve its power globally. Once the political leadership decided to use the US dollar as a tool of political struggle, the speaker claims a blow was dealt to American power. The speaker avoids strong language but calls the strategy a stupid thing to do and a grave mistake, pointing to world events as evidence. The speaker notes that US allies are downsizing their dollar reserves, and asserts that these actions cause everyone to seek ways to protect themselves. They claim that US restrictive measures—such as placing restrictions on transactions and freezing assets—cause great concern and send a signal to the world. A historical point is made: until 2022, about 80% of Russian foreign trade transactions were conducted in US dollars and euros, with US dollars accounting for approximately 50% of Russia’s transactions with third countries; currently, the share is down to 13%. The speaker emphasizes that Russia did not ban the use of the US dollar; it was a decision by the United States to restrict transactions in US dollars. The speaker contends that the policy is foolish from the standpoint of US interests and taxpayers because it damages the US economy and undermines US power, and notes that transactions in Yuan accounted for about 3%. Today, 34% of transactions are in rubles, and a little over 34% in yuan. The speaker asks why the United States did this, offering “self conceit” as the guess, claiming the US probably thought it would lead to full collapse, but nothing collapsed. Additionally, the speaker states that other countries, including oil producers, are thinking of and already accepting payments for oil in yuan. The question is posed to the United States about whether anyone realizes what is happening and what they are doing, as the speaker suggests that the US is cutting itself off. Finally, the speaker asserts that all experts say this, and that anyone intelligent in the United States should understand what the dollar means for the US, but claims the US is “killing it with your own hand.”

The speaker argues that whenever a country defends its own people, the United States asks, “Who owns the resources?” and if the answer isn’t The US, a coup follows. The claim is that over 80 foreign governments have been overthrown or destabilized by the United States, and that most of them weren’t dictatorships, but democratically elected governments that threatened US corporate profits. The described playbook involves the CIA funding opposition groups like ISIS and Al Qaeda, planting stories in the media, bribing generals, arming rebels, or collapsing a country’s economy, with the coup replacing the leader with a pro-US dictatorship. The overarching assertion is that this is not about democracy but about power and control. Key historical examples cited include: - Iran in 1953: Mosaddegh attempted to nationalize oil; the CIA launched Operation Ajax, orchestrated protests, paid off politicians, and installed the Shah, resulting in twenty-five years of dictatorship and torture under US protection. - Guatemala in 1954: President Arbenz redistributed land from the United Fruit Company, a US corporation; the CIA branded him a communist, conducted a coup, and Guatemala descended into a civil war with over 200,000 deaths. - Chile in 1973: Allende was overthrown in a US-backed military coup, and Pinochet’s regime tortured and killed thousands after Allende’s attempts to nationalize copper. - Congo in 1961: Lumumba sought African control of African resources; the CIA helped orchestrate his assassination and installed a brutal dictator who was supported for decades. The speaker adds that there are “dozens of others” beyond these cases, including Haiti, Iraq, Libya, Nicaragua, El Salvador, the Dominican Republic, Brazil, Bolivia, and beyond, arguing that the motive is not fighting tyranny but profits and control. When a country attempts to exit the system or nationalize resources to reduce inequality, they threaten profits and the idea that another world is possible, so the CIA sabotages such efforts to prevent successful example-making, such as Libya. The conclusion is that many nations don’t trust the United States because “we’ve been the villains throughout most of our history.” The speaker invites readers to comment to receive a “forbidden reading list” of books and documentaries that “they never wanted you to find.”

The Iraq war was seen by many as an attempt to control the region's oil resources and maintain Washington's influence in global energy policies. In 2000, Saddam Hussein planned to switch Iraq's oil trade from the dollar to the euro, but the US invasion in 2003 ensured that Iraq's oil industry continued to be denominated in dollars.

Pepe and Mario discuss a broad set of geopolitical developments, focusing on Venezuela, Iran, and broader U.S.-led actions, with insights on Russia, China, and other regional players. - Venezuela developments and U.S. involvement - Venezuela is described as a “desperate move related to the demise of the petrodollar,” with multiple overlapping headlines about backers maneuvering for profit and power in Latin America, and about the U.S. declaring “this is my backyard.” Delcy Rodríguez, the daughter of a slain revolutionary killed by the CIA, leads a new government, described as old-school Chavista with strong negotiation skills, who prioritizes Venezuela’s interests over U.S. interests. - The operation is criticized as having no clear strategy or forward planning for reorganizing the Venezuelan oil industry to serve U.S. interests. Estimates from Chinese experts suggest it would take five years to recondition Venezuela’s energy ecosystem for American needs and sixteen years to reach around 3 million barrels per day, requiring approximately $183 billion in investment—investment that U.S. CEOs are reportedly unwilling to provide without total guarantees. - There is debate about the extent of U.S. influence within Maduro’s circle. Some Venezuelan sources note that the head of security for the president, previously aligned with the regime, was demoted (not arrested), and there is discussion of possible U.S. ties with individuals around Maduro’s inner circle, though the regime remains headed by Maduro with key loyalists like the defense minister (Padrino) and the interior minister (Cabello) still in place. - The narrative around regime change is viewed as a two-edged story: the U.S. sought to replace Maduro with a pliant leadership, yet the regime remains and regional power structures (including BRICS dynamics) persist. Delcy Rodríguez is portrayed as capable of negotiating with the U.S., including conversations with Marco Rubio before the coup and ongoing discussions with U.S. actors, while maintaining Venezuela’s sovereignty and memory of the revolution. - The broader regional reaction to U.S. actions in Venezuela has included criticism from neighboring countries like Colombia and Mexico, with a sense in Latin America that the U.S. should not intrude in sovereign affairs. Brazil (a major BRICS member) is highlighted as a key actor whose stance can influence Venezuela’s BRICS prospects; Lula’s position is described as cautious, with Brazil’s foreign ministry reportedly vetoing Venezuela’s BRICS membership despite Lula’s personal views. - The sanctions regime is cited as a principal reason for Venezuela’s economic stagnation, with the suggestion that lifting sanctions would be a prerequisite for meaningful economic recovery. Delcy Rodríguez is characterized as a skilled negotiator who could potentially improve Venezuela’s standing if sanctions are removed. - Public opinion in Venezuela is described as broadly supportive of the regime, with the U.S. action provoking anti-American sentiment across the hemisphere. The discussion notes that a large majority of Venezuelans (over 90%) reportedly view Delcy Rodríguez favorably, and that the perception of U.S. intervention as a violation of sovereignty influences regional attitudes. - Iran: protests, economy, and foreign influence - Iran is facing significant protests that are described as the most severe since 2022, driven largely by economic issues, inflation, and the cost of living under four decades of sanctions. Real inflation is suggested to be 35–40%, with currency and purchasing power severely eroded. - Foreign influence is discussed as a factor hijacking domestic protests in Iran, described as a “color revolution” playbook echoed by past experiences in Hong Kong and other theaters. Iranian authorities reportedly remain skeptical of Western actors, while acknowledging the regime’s vulnerability to sanctions and mismanagement. - Iranians emphasize the long-term, multi-faceted nature of their political system, including the Shiite theology underpinning governance, and the resilience of movements like Hezbollah and Yemeni factions. Iran’s leadership stresses long-term strategic ties with Russia and China, as well as BRICS engagement, with practical cooperation including repair of the Iranian electrical grid in the wake of Israeli attacks during the twelve-day war and port infrastructure developments linked to an international transportation corridor, including Indian and Chinese involvement. - The discussion notes that while sanctions have damaged Iran economically, Iranians maintain a strong domestic intellectual and grassroots culture, including debates in universities and cafes, and are not easily toppled. The regime’s ability to survive is framed in terms of internal legitimacy, external alliances (Russia, China), and the capacity to negotiate under external pressure. - Russia, China, and the U.S. strategic landscape - The conversation contrasts the apparent U.S. “bordello circus” with the more sophisticated military-diplomatic practices of Iran, Russia, and China. Russia emphasizes actions over rhetoric, citing NATO attacks on its nuclear triad and the Novgorod residence attack as evidence of deterrence concerns. China pursues long-term plans (five-year plans through 2035) and aims to elevate trade with a yuan-centric global south, seeking to reduce dollar reliance without emitting a formal de-dollarization policy. - The discussion frames U.S. policy as volatile and unpredictable (the Nixon “madman theory” analog), while Russia, China, and Iran respond with measured, long-term strategies. The potential for a prolonged Ukraine conflict is acknowledged if European leaders pursue extended confrontation, with economic strains anticipated across Europe. - In Venezuela, Iran, and broader geopolitics, the panel emphasizes the complexity of regime stability, the role of sanctions, BRICS dynamics, and the long game of global power shifts that may redefine alliances and economic arrangements over the coming years.