Description
In 2025, the world's central banks quietly began holding more gold than U.S. Treasuries for the first time in a generation, and Jay argues this is not really a story about gold, it's the clearest signal yet that the dollar's reign has no heir. In this episode, Jay runs the numbers on every supposed successor to the dollar, China, the euro, the yen and pound, a BRICS currency, even stablecoins, and shows why each one fails the test, leaving the throne empty for the first time in 600 years. This is a look at what happens when an empire's currency begins to fade but no rival is ready to take the crown, and why central banks are quietly piling into the one money no government can print or freeze.
Citations: https://rentry.co/jms-empty-throne-sources
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00:00 - Gold Quietly Tops U.S. Treasuries
00:35 - The Crown That Always Had an Heir
01:20 - Here's What No Investor Is Pricing In
02:40 - Every Currency Is Just a Story
03:40 - China: The Reflex Answer
04:30 - The Locked Bank: Capital Controls
05:30 - The Banker Who Said No (2009)
06:20 - You Can't Be the Banker Pulling Money In
07:10 - China Grows Old Before It Grows Rich
08:00 - The Euro: A Currency Without a Country
09:00 - The Yen & Pound: Warnings, Not Heirs
10:00 - BRICS: A Networking Event, Not a Marriage
11:00 - Stablecoins: A Faster Dollar, Still a Dollar
12:10 - Maybe We Asked the Wrong Question
13:00 - Gold Isn't the Answer Either
14:00 - The Day Russia's Reserves Were Frozen
15:00 - Even Washington Is Saying It Out Loud
15:50 - The Arithmetic: Why the Price Must Rise
16:50 - Gold Is the Intermission
18:00 - The Thermometer: Trust Leaking Out
19:10 - The Empty Throne
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