Leigh Goehring and Adam Rozencwajg on the new global monetary order

We have long maintained that the current period of commodity undervaluation would ultimately conclude with a fundamental shift in the global monetary order. Until recently, we expected this shift to originate from the BRIC nations. China, in particular, has spearheaded efforts to move away from the dollar in bilateral trade settlement, gradually reducing its reliance on the U.S. currency. By last year, nearly 10% of all international trade had already moved outside the dollar-based system—a quiet but unmistakable sign of change. 

More recently, however, our thinking has evolved. Rather than de-dollarization being driven externally, we now believe the catalyst may emerge from within the United States itself. Instead of retreating from the dollar’s role as the global reserve currency, policymakers appear poised to double down on it, introducing a series of sweeping reforms that the media has begun referring to as the “Mar-a-Lago Accords.” Though details remain scarce, both Treasury Secretary Bessent and proposed Council of Economic Advisors Chairman Miran have offered hints as to their likely structure. In short, the reforms are expected to include revaluing the Federal Reserve’s gold holdings, restructuring portions of the national debt, and implementing a tariff regime designed to define what Miran describes as a “global commonwealth” of allied nations. Whether these measures will succeed remains an open question, but there is no doubt they represent a fundamental break from the existing global monetary framework.

~ Leigh Goehring and Adam Rozencwajg, "On Commodities, Carry Regimes & Changes in Global Monetary Regimes," Goehring & Rozencwajg, March 7, 2025

G. Edward Griffin on monetary collapse and false leaders

I'm encouraged by the fact that people are waking up, but I'm a little bit discouraged because, even so, many people are waking up to the pain.  They want to be relieved of the pain and anguish, but they don't yet - yet - understand fully what's behind it.  And I'm afraid that people in that state of non-informed awareness, but complaint - "I'm mad as hell and going to do something about it" - they don't know what to do about it.  For those people, they're sitting ducks for some demagogue to come along, the guy on the white horse, and he'll say what they want to hear him say, but he'll be no better than the guy before.  False leaders arise at moments like this.

~ G. Edward Griffin, "Brink of Totalitarianism; Get Out of the Banks, Own Physical Warns Jekyll Author," Stansberry Research interview, October 21, 2021

Friedrich Hayek on government management of money

The history of government management of money has, except for a few short happy periods, been one of incessant fraud and deception.  In this respect, governments have proved far more immoral than any private agency supplying distinct kinds of money in competition possibly could have been.

~ Friedrich Hayek, The Fatal Conceit, Chapter 6

Henry Ford on our banking and monetary system

It is well that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.

~ Henry Ford