Alexej Jordanov speaks with Rabobank strategist Michael Every about a global system increasingly driven by statecraft, military power and control over physical resources rather than conventional market forces.

They examine whether the United States is becoming overstretched across Iran, Russia, Ukraine and China—and how a further escalation could test NATO, disrupt energy infrastructure and rapidly overturn assumptions embedded in financial markets. Michael explains why Washington is shifting between military, political and economic pressure, including sanctions, dollar weaponisation and new methods of supporting the US Treasury market.

The discussion then turns to stablecoins, demand for US government debt and America’s attempt to transform the dollar from a primarily financial currency into the foundation of a renewed industrial economy. They also explore China’s gold accumulation, why Beijing does not necessarily want the renminbi to replace the dollar, and why gold may serve as an emergency trade mechanism without solving the deeper structural conflict between the two powers.

Finally, they discuss the return of physical assets, strategic commodities and industrial capacity—and why Europe’s postwar economic model is now facing an existential challenge.

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