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Speaker 0 argues that while global focus is on Venezuela, Mexico, Cuba, and Colombia, Donald Trump quietly put Canada in the hot seat, presenting the Venezuelan operation as an opening salvo against the British empire. He frames Trump’s actions as not about Maduro alone but as a broader assault on imperial structures. Speaker 1 discusses the perceived death toll from drugs and asserts a real number of 300,000, noting drugs entering primarily through the southern border and also through Canada, implying this is part of a wider systemic issue. Speaker 0 notes that mainstream headlines focus on familiar targets, while the Toronto Globe and Mail editorially warns that Venezuela’s fate is a warning to Canada. The New York Times is described as framing this as another regime change operation from the Bush era that will split the MAGA movement, with Marjorie Taylor Greene contributing to that narrative. The Democratic Party is said to be shrieking about Trump’s actions, with some calling for impeachment. Former British MI6 head John Bolton is cited as recognizing that the operation is not a regime change. Speaker 0 and others present the view that this is a surgical strike against the British empire’s irregular warfare and the nexus of narcotics trafficking, terrorism, and the London-centered banking system. Susan Kokinda introduces herself as someone who has tracked offshore banking since the 1970s and claims this is the first time someone is taking on that system, namely Donald Trump, urging viewers to engage with Promethean Action for deeper analysis. Speaker 2 clarifies the big picture: there is not a war against Venezuela, but a war against drug trafficking organizations, arguing that the largest oil reserves are controlled by adversaries of the United States and misappropriated by oligarchs, including in Venezuela. The speaker emphasizes that the target is oligarchs and drug trafficking organizations, not socialism or communism. Speaker 0 connects oligarchs and drug trafficking with the British empire, describing Canada as run by the empire’s central bankers (notably Mark Carney) and as a major political outpost in North America used for drug trafficking, illegal immigration, and terrorism. This frame contrasts Trump’s actions with the cartels and highlights Canada’s role as part of the broader imperial apparatus. Speaker 3 (Sir John Soros) cautions against calling it regime change, noting Maduro has been abducted and taken to the U.S. to stand trial, but saying the army remains in power and the regime’s legal structures persist. He acknowledges the operation is not the same as Iraq’s regime change and notes Trump’s reluctance to deploy large-scale ground forces. John Bolton adds that Maduro has been removed from power, but the regime remains, and there is ambiguity about Trump’s thinking regarding Machado. Speaker 0 reiterates that this is not regime change but irregular warfare, with the United States pushing back against the empire’s rules-based order. The narrative argues that Trump is targeting the offshore banking system that finances terrorism, cartels, and the destruction of sovereign nations, including the London-centered financial network and its secrecy jurisdictions established in the 1960s. Prominent voices, including Tom Luongo and Crypto Rich, are cited to support the view that the British empire’s financial system and the rules-based order have long protected nonstate actors, NGOs, and cartels, and that Trump’s actions represent breaking those rules to defeat the imperial system. The piece frames the operation as the United States taking on irregular warfare and challenging the offshore financial framework that underpins global illicit activities, including narcotics trafficking and terrorism. Bottom line presented: Trump has launched a major offensive against the city of London’s offshore banking system and has targeted Canada as part of this broader strategy, signaling a shift from conventional regime-change thinking to irregular warfare against imperial financial and geopolitical structures.

Glenn: Welcome back with professor Richard Wolff to discuss economic fury, the economic weaponization of the US campaign against Iran. How do you assess this effort, given the mix of oil sanctions, open markets for oil, and port blockades? Wolff: I’ll be blunt: I don’t know how to answer cleanly because the statements keep flipping on/off and have become “herky jerky.” The steps are inconsistent, sometimes increasing supply of oil and pushing down prices, other times constraining it. It’s not clear which way any given move will go, and the sequence is hard to parse. He notes that Gulf states are pressing for dollar swaps—foreign central banks can access dollars via swaps rather than buying them on markets. These swaps have shifted from weekly to daily, signaling worry about dollar access. The Gulf states—UAE and others—allege they depend on dollar-denominated oil revenues to service debts incurred through investments abroad. If dollars tighten due to strait closures and sanctions, they may be forced to sell assets in the US, including Treasury securities, which would lower bond prices and raise interest rates, potentially triggering a US recession. They could also sell holdings in the American stock market, affecting prices. Wolff emphasizes this as a surface manifestation of a broader global liquidity and debt dilemma tied to the Persian Gulf and the dollar’s role in the world economy. Glenn: So essentially the petrodollar is being unraveled because if Gulf states price and sell oil in dollars, but if they’re not exporting and not receiving dollars, they can’t pay debts or roll them over. They might sell treasuries or assets to cover shortfalls. How far can the US hold this position? Wolff: I don’t have a crystal ball, but I think the likely scenario is a political and economic squeeze. Trump has lost parts of his base—issues like the Epstein file and the economy’s inflation and job market. He relies on a narrative of victory; his base may be shrinking, while the wealthier 10% who own stock might be more supportive as the stock market stays buoyant. If the Gulf states must exchange dollars for debt relief or to cover losses, the government may have to grant more dollar swaps to prevent a spike in interest rates and a stock sell-off. Steven Bannon has warned that war could cost Trump the election, so the administration may shore up swaps to protect markets. Wolff suggests this is a desperate regime trying to exit a bad position with minimal damage. Glenn: You describe a broader pattern: the petrodollar’s decline, and the US dollar’s dwindling centrality in global reserves. How does this fit into the larger arc of American empire and capitalism? Wolff: It fits as part of the decline of the American empire and the corresponding decline of American capitalism. BRICS, China’s rise, and the shift away from dollar-dominated trade illuminate a trend toward reduced dollar dominance. Sanctions in Ukraine exposed the limits of that model, and there’s growing acceptance of payments outside the dollar for oil. The United States remains influential, but the dollar’s dominance is waning, and there’s no clear strategy to reverse that trend. Manufacturing has moved to other countries, notably China, which maintains low inflation and large-scale production. The world is moving toward multipolar arrangements, and the dollar’s preeminence is no longer assured. Glenn: Given this trajectory, is there any viable way to salvage the petrodollar, or is it beyond rescue? Wolff: I don’t predict the future with certainty, but I view the larger context as a decline in American hegemony and an erosion of dollar dominance. The war in Iran, like the war in Ukraine, demonstrates the limits of sanctions and the unintended consequences of aggressive confrontation. The dollar’s global reserve role is shrinking, and other powers are willing to transact outside it. He emphasizes this as a systemic shift, not a temporary setback. Glenn: Any final thoughts on how history and memory shape current policy? Wolff: History often gets reframed to fit current aims. There’s a tendency to present “victories” regardless of outcome, especially in wartime rhetoric. The dialogue in Europe and the US reflects a mix of nostalgia for past dominance and struggle to adapt to a changing global order. The conversation ends with questions about how Europe and the US should reorient foreign policy toward a multipolar world, where old assumptions no longer hold.

Over the past few days, the conversation covered rising U.S. gas prices, with average prices surpassing $4 per gallon on Tuesday, the highest in nearly four years. The discussion then shifted to geopolitical tensions around Iran, Israel, and the United States. It was noted that Donald Trump is reportedly seeking an off ramp from the war against Iran, but every time there are negotiations toward ceasefires or frameworks for talks, Israel allegedly bombs to scuttle those plans. Joe Kent was cited as saying that there is significant frustration inside the Trump administration because Israeli actions derail negotiations. Further comments stated that whenever Trump attempts to move toward negotiation, Israelis “come in and they kill negotiators,” “kill members of the government,” and “bomb the infrastructure” to show that the U.S. is not negotiating in good faith, with the implication that U.S. verbal assurances are hollow while Israel acts unrestrained. It was suggested that only when the U.S. actually restrains Israel’s support will their behavior change, despite reports of high-level admonitions from the Vice President or others. Trump published a note on Truth Social addressed to Europe and the UK, criticizing their inability to obtain jet fuel due to the Strait of Hormuz and urging the United Kingdom to buy oil from the United States, build up courage, and take control of Hormuz, implying the U.S. would no longer assist them. The program then brought in economist Professor Richard Werner to analyze global economic directions amid oil and gas price concerns, food stocks, fertilizer, helium, and related supply chains. Werner, based in Europe, emphasized Europe’s dependence on energy, fertilizer, and other raw materials from abroad, noting that Europe has thrived on an international trade model that moved up value-added production. He described the current situation as a policy-induced crisis or potential catastrophe, with energy supply already restricted by past policy choices (e.g., cutting ties with Russia for energy, decommissioning nuclear and coal plants). He warned of a possible major shock to the economy, comparing the risk to the 2020 experience of policy-induced throttling. The discussion touched on financial vulnerability, including concerns about how embargos or disruptions could affect food supply chains and economic stability. Werner described the situation as intentional policy shifts and indicated a broader realignment of the global order, with institutions like BRICS, the Belt and Road Initiative, the Asian Infrastructure Investment Bank, and the New Development Bank fostering greater influence for China and other non-U.S. actors. He asserted that there is a push for a new international order that gives more power to alternative players, criticizing U.S. dominance in the IMF and World Bank. Werner argued that the “petrodollar system” established after the 1970s allowed continued U.S. economic supremacy, and suggested the world is witnessing a shift away from the dollar’s dominance toward alternative systems, potentially including digital currencies. He claimed Western countries are moving toward digital control measures, including strict currency surveillance and restrictions, while BRICS countries show more interest in gold as a store of value. He also described increasing censorship and sanctions in the EU regarding dissenting opinions, tying this to the rollout of digital currencies and the potential for controllable spending if governments “switch off” money. The exchange concluded with gratitude for Werner’s analysis and a hope for cooler heads to prevail to minimize impact, while acknowledging the likelihood of a new world order.

America is trying to change the rules in the gold and cryptocurrency markets. They note a 35 trillion dollar debt and describe it as part of the world’s two alternative currency market segments. Washington’s actions in this direction clearly demonstrate one of the main American objectives: they want to solve the problem of declining trust in the U.S. dollar, as it was in the 1930s and the 1970s, by solving their financial problems at the expense of the world and driving everyone into the crypto cloud. Over time, when part of the U.S. national debt is placed in stablecoins, the United States will devalue that debt. In simple terms: they have a 35-trillion-dollar debt, they are pushing it into crypto, into the cloud, they are devaluing it, and they are starting from scratch. This is for those who are enthusiastic about crypto.

Speaker 0 argues that it's the beginning of the end of the monetary system as we know it. It's not just the US dollar; it's fiat monetary currencies in general. They note that the UK, the euro, Japan, and China have similar debt problems and share interrelationships, which is the reason central banks are choosing gold. The implication is that these dynamics are driving a shift toward gold as a preferred reserve asset. Speaker 0 emphasizes that gold has always been the main currency and identifies it as the only non-fiat currency—meaning it is not the currency that can be printed. This point is presented as foundational to the argument about why gold is being selected in the current environment by major financial actors. Building on that assertion, Speaker 0 asserts that central banks are moving toward gold, and sovereign wealth funds are likewise moving toward gold. This movement is described as the nature of the shift occurring within the monetary system. In other words, the combination of widespread fiat debt concerns among major economies and the longstanding status of gold as a non-fiat currency is depicted as driving a broad realignment in reserve preferences and asset holdings. The overall claim is that the monetary system is undergoing a transformative change driven by debt-related pressures across major economies and the comparative stability or non-fiat status of gold. The speaker links the observed behavior—central banks and sovereign wealth funds increasing gold allocations—to this larger shift, framing it as part of a systemic evolution rather than as isolated actions. In summary, Speaker 0 contends that the current moment marks a fundamental transition away from fiat currencies toward gold, driven by debt problems across major economies and the historical role of gold as the main and non-fiat currency, with central banks and sovereign wealth funds moving to gold as part of this shift.

The discussion centers on claims that the CIA has long been involved in Venezuela, has enabled drug trafficking, and now seeks a visible foothold in the country to counter Russia and China. Speaker 0 argues CNN’s report that the CIA will establish a foothold in Venezuela is emblematic of a duplicative pattern: the CIA has supposedly enabled the drug trade for decades, so the attack on Venezuela cannot be about drugs if the CIA is involved. They cite Kevin Shipp, a CIA whistleblower, who said the CIA has been involved in Venezuela since at least the Cartel of the Sun, run by a general who was a CIA proxy and helped reconstruct Venezuela’s intelligence service to penetrate the government. The general cited is General Ramon Gulen, described as running narcotics and creating and running the Cartel of the Sun. The Cartel is portrayed as a pretext used by the Trump administration to stage attacks and operate around Congress, with the CIA behind past secret dealings tied to it. Speaker 0 then references a 60 Minutes piece from the 1990s reported on by mainstream media that allegedly showed the CIA collaborating with Venezuelan National Guard generals who moved tons of cocaine into the United States. The discussion moves to John Kerry, who led the Contra Cocaine Investigation in the mid-1980s, seeking to determine US government involvement in the contra drug trade. The Reagan administration resisted, stonewalled the Senate, and monitored the probe. The HITS report (the CIA inspector general report authorized under inspector general Frederick HITS) is described as concluding in the late 1990s that while the CIA did not officially participate in cocaine trafficking during the Contra War, it knowingly maintained relationships with and protected numerous contra-linked individuals and organizations involved in the drug trade when operationally useful, to keep the contra war alive and to maintain US objectives in Central America, even if it meant enabling and protecting drug lords. It also states the CIA hid this from Congress, contributing to drugs entering the United States. The Iran-Contra connection is summarized as arms to Iran generating cash to fund the Contras, with the same network tied to cocaine trafficking, implying a single pipeline of influence and criminal activity. The speakers discuss media coverage and relationships with locals in Venezuela, questioning the claimed “relationship-building” as a cover for coercive activities, given sanctions that harm locals. They criticize the notion that the CIA is simply building positive ties, suggesting instead a pattern of disruption and control. The dialogue then shifts to geopolitics: Venezuela reportedly traded oil with BRICS outside the petrodollar since at least 2017, which is framed as undermining US global oil hegemony. A recent move to settle oil transactions in yuan is mentioned, with a snide remark that the CIA’s presence in Venezuela aims to prevent any free-trade diversification away from the petrodollar. The claim is made that the CIA’s objective is to prevent alternative global trade arrangements and maintain US influence by blocking competition from Russia, China, and BRICS members. Speaker 3 adds that the CIA’s actions align with a long-standing pattern of intervention, suggesting that the agency’s open, unapologetic approach reflects a broader strategy of tension, where a third of the population would support such actions, a third would oppose, and a third remain indifferent. They reference Operation Mockingbird and the presence of CIA-linked figures in media, including Mike Pompeo as a Fox News contributor, arguing that mainstream outlets act as channels for the deep state’s messaging, with information often flowing from the CIA to outlets like the New York Times. In sum, the discussion argues that US intervention in Venezuela is less about drugs or democracy and more about strategic counteraction to Russian, Chinese, and BRICS influence, with a long history of CIA involvement in drug trafficking and media manipulation. The speakers invite audience reactions on these points.

"the dollars, days as the reserve currency are numbered." "we shortened that number ourselves with a self inflicted wound when Biden announced those crippling sanctions or hope they were intended to be crippling against, Russia." This sent "a strong message to the world that you don't want to hold dollars, that you don't wanna have the US dollar and US treasuries as your reserves because, you know, you run the risk of being punished by the US government." "And so we told the world, get rid of dollars and buy gold, and that's exactly what they've been doing." "That's why the of gold is at an all time record high, you know, despite the fact that retail investors have been selling gold all year." "Gold keeps going up, setting one record after another." "Gold is on pace for its best year since 1979." "That is not a coincidence."

Larry Johnson and the host discuss the current trajectory of U.S. policy under Donald Trump and its implications for international law, NATO, and the global balance of power, with frequent emphasis on Greenland as a flashpoint. - They suggest Trump is making a case for peace through overwhelming strength and unpredictability, implying that international law is seen by him as a restraint US power. Johnson argues that Trump’s stance includes threats and pressure aimed at annexing Greenland, and he questions whether this represents a genuine peace strategy or a coercive strategy that disregards international norms. - Johnson catalogs a sequence of Trump-era actions and rhetoric: Donald Trump “launched the coup against the Iranian government,” was involved in discussions with Zelensky, helped Ukraine, and then “kidnapped Nicolas Maduro,” followed by an escalation that included the suggestion of a military attack on Iran. He says Trump has “declared openly” that he does not recognize or respect international law, describing it as “useless. It’s whatever he thinks is right and what needs to be done.” - The conversation notes that Trump’s position has been reflected by close aides and allies, including Steven Miller, Marco Rubio, and Scott Bessette. Johnson claims this broad endorsement signals a shift in how major powers might view the U.S. and its approach to international law, with Putin, Xi, Macron, and others watching closely. - They argue this marks a breakdown of the international system: “a complete breakdown of the international system,” with NATO potentially coming apart as the U.S. claims a threat to Greenland from China or Russia and insists that NATO is unnecessary to protect it. The debate frames Europe as being in a toxic relationship with the United States, dependent on U.S. security guarantees, while the U.S. acts with unilateralism. - The European response is discussed in detail. The host describes European leaders as having “ Stockholm syndrome” and being overly dependent on Washington. The letter to Norway’s prime minister by Trump is cited as an astonishing admission that peace is subordinate to U.S. self-interest. The question is raised whether NATO is dying as a result. - They compare the evolution of international law to historical developments: Magna Carta is invoked as a symbol of limiting rulers, and Westphalia is discussed as a starting point for the balance-of-power system. The hosts consider whether modern international law is viable in a multipolar world, where power is distributed and no single hegemon can enforce norms as unilaterally as in the past. - They discuss the economic dimension of the shift away from U.S. hegemony. The U.S. dollar’s status as the global reserve currency is challenged as BRICS-plus and other nations move toward alternative payment systems, gold, and silver reserves. Johnson notes that the lifting of sanctions on Russia and the broader shift away from dollar-dominated finance are undermining U.S. financial hegemony. He highlights that Russia and China are increasing gold and silver holdings, with a particular emphasis on silver moving to new highs, suggesting a widening gap in global finance. - The Trump administration’s tariff strategy is discussed as another instrument that could provoke a financial crisis: Johnson cites reports of European threats to retaliate with massive tariffs against the U.S. and references the potential for a broader financial shock as gold and silver prices rise and as countries reduce their purchases of U.S. Treasuries. - The discussion examines Greenland specifically: the claim that the U.S. wants Greenland for access to rare earth minerals, Arctic access, and strategic bases. Johnson disputes the rare-earth rationale, pointing out U.S. processing limits and comparing Arctic capabilities—Russia has multiple nuclear-powered icebreakers. He characterizes Trump’s Greenland gambit as a personal vanity project that could set off broader strategic consequences. - They touch on the role of European defense commitments, with German and other European responses to defend Greenland described as inconsequential or symbolic, and a suggestion that Europe might respond more seriously by hedging against U.S. influence, though current incentives make a real break difficult. - A broader warning emerges: the possibility of a new world order emerging from multipolarity, with the United States weakened economically and politically. They foresee a period of adjustment in which European countries may reorient toward Russia or China, while the United States pursues a more fragmented and confrontational stance. - The conversation ends with mutual concerns about the trajectory toward potential geopolitical conflict and a call to watch the evolving relationship between the major powers, the role of international law, and the coming economic shifts as the global system transitions from unipolar to multipolar.

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.

Speaker 0 says Trump believed he could rapidly conquer Iran, comparing it to actions associated with Venezuela, but argues that events since then have created benefits for protecting the U.S. debt market. Speaker 0 attributes this to global chaos affecting fertilizer shortages, food issues, supply chains, and energy—oil and shortages affecting local refineries in countries like Bangladesh that cannot obtain inputs to make fertilizer. Speaker 0 claims this chaos pushes global liquidity toward safe havens, specifically the dollar, Treasuries, and the U.S. stock market. Speaker 0 also says that when oil rises internationally, countries must purchase oil in dollars, forcing them to spend local currencies to buy dollars, which he links to a rising dollar and falling local currencies in places like Korea and other countries, with capital flowing into the U.S. “temporarily.” Speaker 1 responds that any benefit is “blind luck” and describes Trump as not strategically planning “grand” schemes but acting as a “kinetic operator” and “counter puncher,” rolling with events. Speaker 1 says Trump’s adaptation helped him transition from bankruptcy to getting banks to bail him out in the 90s and credits tenacity to turning destructive situations into wins. However, Speaker 1 insists there are unintended consequences “of epic proportions,” not part of a plan, and says actions during the war were framed as inevitable victories. Speaker 1 highlights potential consequences including shortages and price hikes, while noting that people are celebrating a rapid global decline in oil prices and urging that the reasons for the decline matter. Speaker 1 claims oil prices are falling because markets are pricing in optimism based on belief in what the president says (“hopium”), and because when the Iranians closed the Strait of Hormuz, 500 or more ships became stuck in the waterway with supplies. Speaker 1 says analysts expected that when the strait reopens, a “mini glut” would occur because ships loaded before the war begin moving again and rush to exit the Middle East, depressing prices. Speaker 1 adds that only a few analysts have discussed a major factor: China, described as the largest Middle East oil consumer, “voluntarily took themselves off the market.” Speaker 1 claims China had a strategic petroleum reserve of 1.4 billion barrels at the war’s start and used it to become self-sufficient, draining at least a third of its SPR. Speaker 1 contrasts China’s above-ground, better-protected SPR infrastructure with the U.S. salt cavern approach, asserting that U.S. 340 million barrels left in SPR is “closer to 100 million barrels” due to degradation with depth. Speaker 1 says this withdrawal bought relief for the rest of the world and explains why forecasts for higher oil prices did not account for China removing itself from the market. Speaker 1 concludes that as China returns to the market, and if the Strait of Hormuz is not fully reopened, prices will be pressured by too much demand and not enough supply.

Speaker 0: The United States just lost a war it didn't even know it was fighting. While Washington celebrates military victories and economic growth numbers, the real battlefield has shifted to the global payment system. This week, something unprecedented happened in the shadows of international finance. Brazil quietly activated the Brixbridge system. For the first time in eighty years, major economies completed cross-border transactions without touching a single US bank. The American media is not reporting this story, but I can tell you, as someone who spent decades inside the system, this is not just another trade deal. This is the financial equivalent of splitting the atom, and the explosion is coming. The United States has enjoyed what we call monetary imperialism for nearly a century. Every time you buy oil, coffee, or electronics anywhere in the world, those transactions flow through New York banks. Washington collects a tax on every trade, every investment, every breath of the global economy, but that monopoly just ended, and most people don't even realize it happened. My name is Paulo Nogueira Batista junior. I served as executive director at the International Monetary Fund. I sat across the table from finance ministers of collapsing nations. I know how empires fall. They don't collapse from outside invasions. They collapse when their money stops working. And the American money is about to stop working. And the explanation of what happened this week in Brazil: President Lula signed an executive order that sounds boring to most people, but this order just declared independence from The US financial system. Brazil can now trade directly with Russia, China, India, and South Africa using our own central bank digital currencies. No dollars. No swift system. No permission from Washington. Think about what our country has achieved. Every international bank transfer in the world flows through this Belgian company controlled by the US Treasury until now. Till the BRICS Bridge is not just an alternative to SWIFT. It is a declaration of war against monetary colonialism, and it's working. In November 2024, Russia and China settled $20,000,000,000 in bilateral trade using this new system. In December, India and Brazil completed energy transactions worth $15,000,000,000. By January 2025, South Africa joined the network. The numbers are still small compared to the global economy, but remember, every revolution starts with small numbers. The Internet started with a few university computers.

The speaker argues that "the dollars, days as the reserve currency are numbered" and claims this was worsened by "a self inflicted wound when Biden announced those crippling sanctions or hope they were intended to be crippling against, Russia." This, they say, sent a strong message that "you don't want to hold dollars, that you don't wanna have the US dollar and US treasuries as your reserves because, you know, you run the risk of being punished by the US government." "If you do something that the US government doesn't approve of, you could be sanctioned, and you may lose, those reserves at a time when you really need them." Consequently, "And so we told the world, get rid of dollars and buy gold, and that's exactly what they've been doing." They note "that's why the of gold is at an all time record high, you know, despite the fact that retail investors have been selling gold all year." "Gold keeps going up, setting one record after another." "Gold is on pace for its best year since 1979." "That is not a coincidence."

Colonel Lawrence Wilkerson and Glenn discuss the trajectory of U.S. policy under Trump and the broader implications for the international order. Wilkerson argues that the postwar world order, built after World War II, is unraveling intentionally, driven by what he calls a disastrous blend of decision making and strategic aims. He faults Steve Miller’s comments on bases in Greenland and contends that the United States already had, historically, bases in Greenland and that current rhetoric reflects a Hobbesian view of a world governed by force rather than law. He attributes the drift to “the brains of some truly stupid people,” and notes that the guide for decision making is Trump’s morality, which Wilkerson asserts is deficient, shaping both domestic and international actions. On domestic policy and its international spillovers, Wilkerson cites the Minnesota situation as an example of how Trump’s approach translates into draconian, forceful actions at home. He contends that the “morality” guiding decisions in both spheres leads to a reckless use of force and an undermining of the rule of law. He emphasizes that the law disappears in the international sphere and domestic governance declines when empire comes home, suggesting that the United States is acting in ways that weaken rather than strengthen the rule of law globally. Turning to foreign policy, Wilkerson argues that America’s military posture is misposed and maldeployed. He questions why the United States maintains a large presence in the Caribbean and Gulf regions at a time when potential adversaries like China and Russia require attention elsewhere. He contends that the United States has a depleted carrier fleet and is not fulfilling presence missions or developing coherent war plans, raising concerns about the feasibility of any significant action against Iran. The discussion notes that an attack on Iran could be logistically problematic given the current force distribution, and Wilkerson fears the United States risks humiliation and strategic setback if it pursues major military action without a credible, well-deployed plan. The conversation shifts to the broader effects of U.S. strategy on global alignments. Wilkerson argues that Europe’s leaders have changed dramatically since the end of the Cold War, predicting that NATO may eventually fade as Europe develops its own security identity, a concept Powell explored historically. He cites Powell’s vision of a European security identity (ESI) separate from NATO, consisting of a modest European brigade that could grow into a fuller defense structure, potentially reducing Europe’s reliance on NATO and even integrating Russia gradually. He suggests Clinton’s era disrupted these ideas, with Serbia bombing and a shift toward a more aggressive line that drew Russia back into the geopolitical frame, complicating efforts to maintain a balanced, law-based security architecture. Powell’s long-term predictions about Europe’s leadership and the likelihood that Europe would be governed by leaders without the experience of warfare are discussed as prescient, though not realized. Wilkerson notes Powell’s belief that the center could not hold as NATO’s purpose evolved and leadership changed, leading to the potential dissolution of the NATO framework and the emergence of a European security identity. The conversation emphasizes that this shift would require a carefully calibrated approach to arms control, law, and alliance structures, rather than casting law aside in favor of a unilateral, morality-based approach to security. Regarding China and the future global order, Wilkerson aligns with Mearsheimer in predicting potential conflict with China, arguing that the combination of the U.S. unilateral approach, strategic competition, and the push toward a lawless, orderless world heightens the risk of a major confrontation. He asserts that China, studying U.S. behavior, would rather avoid a nuclear or conventional war and would seek to avoid destabilizing actions that could provoke a broader conflict. The discussion closes with reflections on U.S. regional influence, the BRICS movement, and the dollar’s reserve status. Wilkerson contends that the BRICS’ move toward dedollarization faced obstacles due to U.S. threats, and he notes China’s official stance against wanting to be the world’s reserve currency, warning that clinging to exclusive dominance harms global stability. He praises an earlier postwar framework grounded in law and international norms and laments its abandonment under current leadership, describing the present era as a disaster for both the United States and the wider world.

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.

During Trump's presidency, he formed strategic connections with Russia, China, India, and Brazil to create a more balanced trade system called the level playing field. This system aimed to eliminate currency devaluations and trickery. Mark Carney, the governor of the Bank of England, proposed a global virtual currency to replace the petrodollar at a Federal Reserve meeting in Jackson Hole. Trump had already established this trade agreement before the pandemic. It is possible that the Americas and the European Union will also align with the UK, as they did under Trump's administration. This is an important development to watch.

Speaker 0: China appears to be the only country pushing back against Trump’s tariff stance, with other countries—including neighboring ones and India—reaching deals with Trump. India, which initially showed resilience, moved toward China after the Shanghai summit and the tariffs. Recently, India and the US signed a deal to gradually reduce Russia oil exports to 50% of imports. This suggests China is the sole major power resisting the US in this round of measures. The discussion then shifts to a broader pattern: the US has overplayed its hand in its dollar dominance and control of the financial system via SWIFT. In the wake of sanctions on Russia after the Ukraine conflict—freezing assets and limiting access to SWIFT—many nations have begun moving away from the US dollar toward gold. The speaker sees China’s current move as accelerating other countries’ push toward self-reliance, particularly in rare earths. The US is investing in its own rare earth industry, while Europe seeks alternatives. There is mention of a US deal with Ukraine involving rare earths, and speculation that Greenland’s abundant rare earth reserves could be relevant to what Trump sought with Greenland. The long-term downside or repercussions for China from this move are noted. Speaker 1: The discussion distinguishes between the financial sanctions used after the Ukraine war and the current situation. While sanctions are not perfect substitutes for dollar assets like crypto or gold, they remain available, so US leverage is not as strong as China’s leverage in rare earths. The speaker agrees that in the long term, China’s move will push other countries to build processing capacity for rare earths. Although rare earths are not truly rare, the processing and concentration are. Countries will be motivated to develop processing facilities. Japan is innovating substitutes for rare earths, which may take time and will not provide immediate relief for the US.

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.”

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.

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.

Any BRICS state that mentions the destruction of the dollar will be charged a 150% tariff, and the U.S. does not want their goods.

The speaker discusses the current state of the Federal Reserve note and argues that paper currency always crashes. They suggest transitioning to Treasury dollars, which Ronald Reagan had printed. They claim that the Federal Reserve does not have the gold that should back the US dollar. The speaker warns that if the country remains with the Federal Reserve note, it will lose its military might and standing. They mention that many countries are no longer using the dollar in international trade. The speaker also talks about their experience at Yale Law School and how the World Bank has been hijacked by a group called the Network of global corporate control. They accuse this group of state capture and usury. They explain that they have not been removed because they have followed the rule of law.

The speaker argues that the United States is actively trying to change rules in the gold and cryptocurrency markets. They note that the U.S. national debt is 35 trillion dollars. The assertion is that these two segments—gold and cryptocurrencies—are the two alternative parts of the world’s currency markets. Washington’s actions in this direction are said to clearly illustrate one of America’s main objectives: to solve the problem of declining trust in the U.S. dollar, as was the case in the 1930s and the 1970s, by handling its financial problems at the expense of the world and driving everyone into a cryptocurrency “cloud.” The idea is that, over time, a portion of the U.S. national debt will be issued in stablecoins, thereby devaluing that debt. In simple words, the speaker reiterates that the United States currently has a 35-trillion-dollar debt, and they are pushing it into crypto, into the cloud, devaluating it, and starting from zero. This is presented for those who are very interested in crypto.