Brent Johnson, Whitney Baker, Michael Every, Izabella Kaminska, John Butler: DOLLAR ENDGAME

12 snips

Mar 17, 2026

Guest

John Butler

John Butler, gold industry veteran advocating gold as a monetary anchor. Izabella Kaminska, payments journalist focused on stablecoins and plumbing. Michael Every, geoeconomics strategist on economic statecraft. Brent Johnson, Santiago Capital founder known for the Milkshake Theory on dollar dominance. Whitney Baker, macro credit specialist tracking late‑cycle leverage. They debate dollar dominance, stablecoins reshaping monetary rails, gold’s potential remonetisation, and geopolitics driving monetary change.

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INSIGHT

Economic Statecraft Replacing Technocratic Policy

The debate is shifting from technocratic policy to economic statecraft where geopolitics shapes monetary and trade tools.
Michael Every argues tariffs, industrial policy and forceful foreign policy are being combined to reshape global economic power.

INSIGHT

Stablecoins As Programmable Dollarization

Stablecoins could create a new monetary plumbing that extends US extraterritorial control by making dollar use programmable and conditional.
Izabella Kaminska sees them enabling soft opt‑in dollarization and testing capital‑controlled regimes like Iran or Argentina.

INSIGHT

Gold and Dollar Can Rise Together

Gold and the dollar can coexist; a stronger dollar doesn't automatically kill gold because gold often rallies with uncertainty or ample liquidity.
Brent Johnson notes a falling dollar can signal healthy credit extension, which can be bullish for gold even amid dollar dominance.

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In this first session of The Future of Gold, Alexej Jordanov hosts Brent Johnson, Whitney Baker, Michael Every, Izabella Kaminska and John Butler on a heated panel exploring the macro endgame of the current monetary order. We explore whether we are nearing the end of the dollar’s dominance, what role stablecoins could play in extending U.S. monetary power, and why gold may be re-emerging as the ultimate neutral reserve asset. We go through late-cycle debt excesses, the decline in the productivity of credit, the shift from technocratic economics to economic statecraft, and the breakdown of the old rules-based order. At the center is a sharp debate over whether stablecoins represent “dollarization on steroids” and a new tool for U.S. control, or whether growing global imbalances and rising demand for gold point instead to a more disruptive reset of the system.
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