Mentor Sessions Ep 094: Brent Johnson explains the 2026 dollar outlook, the collapse of the rules-based order, Bessent's Treasury moves, and how AI and stablecoins entrench the US dollar.
The rules-based order that kept markets stable for 80 years is dying - and Brent Johnson explains what replaces it, why the US dollar gets STRONGER not weaker, and how AI and stablecoins entrench American power for decades.
Brent Johnson (Santiago Capital, Dollar Milkshake Theory) sits down for a wide-ranging conversation on the biggest structural shift in markets since World War Two. You'll learn why he thinks the American Republic could give way to an American empire, why Scott Bessent's Treasury buybacks matter more than the headlines suggest, and how passive management can turn a bond wobble into a full crisis. You'll see why he's concentrated in North America and the Western Hemisphere, why he calls the US-China relationship a "divorce," and why he refuses to bet against the US Treasury even as others call for the dollar's death. He also breaks down why AI is now a matter of national security, why stablecoins are structurally bullish for the dollar, and where Bitcoin fits in the emerging digital-asset order.
⏱️ Timestamps:
0:00 - Intro
1:17 - Iran War and Dollar System Resilience
4:10 - Iran Conflict Pressure on Treasury Yields
5:41 - Rising Yields Create Global Collateral Strain
8:25 - Bessent Long-End Buybacks Explained
10:20 - Mike Green on Passive Bond Risks
11:48 - Rules-Based Order Has Ended
13:39 - Shift to America First Proactive Policy
17:31 - Signs the Rules-Based Order Is Dying
18:27 - Vance and Rubio Munich Security Speeches
21:41 - China Also Wants Strategic Divorce
23:26 - Multipolar World or US Remains Dominant
24:44 - American Republic Falls Into Empire
27:00 - Republic Versus Empire and Authoritarianism
31:07 - Positioning Portfolios Amid Geopolitical Chaos
33:28 - Building Fortress North America Strategy
35:19 - Canada US Relationship Realities
39:41 - Energy Trade War Leverage Analysis
44:16 - Bessent Druckenmiller Soros Trading Lineage
48:51 - Market Outlook Violently Sideways Year End
53:01 - AI Now National Security Priority
57:02 - AI Short Term Employment Risks
58:06 - Stablecoins Strengthen US Dollar Position
59:31 - Bitcoin Role Alongside Stablecoins
1:01:57 - Global Institutions Must Adapt Next
Brent Johnson's written research and weekly show "Milkshakes, Markets and Madness" are at Santiago Capital - links below.
🔗 Links & Resources:
• Santiago Capital research: https://research.santiagocapital.com/
• Brent Johnson on X: https://x.com/SantiagoAuFund
⚡Previous Episode:
Luke Gromen & Lyn Alden: https://youtu.be/xoAuuJyBg6E
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