Geopolitics & Empire

Brent Johnson: Decline of the Republic, Rise of the Empire

16 snips
Jan 16, 2026
Brent Johnson, CEO of Santiago Capital and originator of the 'Dollar Milkshake Theory', dives into the decline of the U.S. republic and the rise of American imperialism. He articulates how the U.S. is the ‘cleanest shirt in the dirty laundry’ amid global uncertainties. Johnson outlines his theory revealing how the dollar pulls global capital as interest rates rise, while stablecoins emerge as powerful tools of U.S. monetary dominance, influencing citizens' adoption and potentially undermining local currencies.
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INSIGHT

Republic Falling, Empire Rising

  • The United States is undergoing a simultaneous decline of its Republic and rise of its Empire.
  • Decline may take centuries like Rome, so abrupt collapse narratives are overstated.
INSIGHT

Dollar Milkshake Framework

  • The Dollar Milkshake is a framework where higher global rates draw capital into the dollar and U.S. assets.
  • The dollar can strengthen versus other currencies even as its purchasing power falls, and gold can rise concurrently.
INSIGHT

Hegemony Is Relative

  • Hegemony is a relative game: other countries have comparable problems to the U.S. and fewer advantages.
  • Because systems favor the U.S., no clear rival has materialized to supplant it yet.
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