Coin Stories with Natalie Brunell

Cem Karsan: Why the U.S. Dollar's Power Matters More Than Gold or Bitcoin

Jan 22, 2026
Guest
Cem Karsan
Cem Karsan, a macro analyst and investor, delves into the pivotal role of the U.S. dollar in maintaining American power, arguing it surpasses military might. He discusses the Federal Reserve's impact on wealth inequality and rising populism, exploring how these forces shape geopolitical tension. Karsan critiques the idea of a gold standard as naive, claiming it would diminish U.S. leverage. He also offers insights on Bitcoin's future, recognizing its potential as a scarce asset while emphasizing the complexities of replacing sovereign currencies.
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INSIGHT

Dollar Power Trumps Military Strength

  • The U.S. dollar's reserve status is the single greatest source of American power.
  • Cem Karsan says it outweighs the military in geopolitical influence.
ANECDOTE

Marshall Plan Built Long-Term Power

  • Cem recounts how U.S. postwar diplomacy built lasting alliances and power.
  • He contrasts long-term alliance building with short-term transactional policies.
INSIGHT

Generations Drive Populist Shifts

  • Generational experience shapes political swings toward populism and protectionism.
  • Karsan argues millennials' lived reality drives rising populist pressure.
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