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Brent Johnson Milkshakes Pod | Investing • Finance

How to Prepare your Portfolio for the Possibilities that arrive when the Fourth Turning is over.

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Breakdown

0:00lesson

Fourth turning framework — societal cycles

  • Fourth turning framework — societal cycles
  • Societies go through cycles — spring, summer, fall, winter
  • Cycles take 60-120 years
  • Framework helps understand markets
1:49lesson

Fourth turning — uncertainty and upheaval

  • Fourth turning is time of great uncertainty
  • People often have certainty in uncertain times
  • Dollars and gold are central to the big battle
  • Dollars vs gold — not necessarily enemies
3:48lesson

Fourth turning — underestimating both sides

  • Traditional finance underestimates gold's importance
  • Gold proponents underestimate dollar's survivability
  • Both sides underestimate each other
  • Transition from fiat to hard money is uncertain
5:58lesson

Monetary metals — gold storage and yield

  • Gold storage fees eat into value over time
  • Monetary metals offer yield in gold
  • Lease physical gold to businesses
  • Earn interest in more gold
8:18lesson

Fourth turning — global uncertainty and analysis

  • Global uncertainty is exponential
  • Analyzing one country misses the bigger picture
  • Zoom out to see the whole forest is on fire
  • Moral code can hinder analysis
10:23lesson

Fourth turning — global turnings and uncertainty

  • World is going through fourth turning together
  • Uncertainty on top of uncertainty
  • Moral analysis vs hardcore analysis
  • Need to remove moral code for analysis
12:32lesson

Fourth turning — US dollar and global power

  • US dollar is global reserve currency
  • Dollar's place secured by Euro dollar market
  • Debt secures dollar's position
  • US economy still dominates globally
14:53lesson

Fourth turning — Rome and US parallels

  • Rome and US have similar issues
  • Political infighting, inequality, subsidies
  • Fall of republic vs fall of US
  • Storm before the storm covers fall of republic
17:04lesson

Fourth turning — rules-based order and control

  • Rules-based order post-WWII for cooperation
  • Confessions of an economic hitman — control system
  • America First vs rules-based order
  • Transition from one to the other is volatile
19:09lesson

Fourth turning — US dollar and global debt

  • US dollar is global reserve currency for 80 years
  • Gold backed dollar, then oil backed dollar
  • Euro dollar market secures dollar's place
  • Debt secures dollar's position
21:12lesson

Fourth turning — US economy and global impact

  • US economy dominates global markets
  • Loss of US economy impacts other countries
  • Tariffs and global trade dynamics
  • US can be a weapon against the rest of the world
23:15lesson

Fourth turning — tariffs and global impact

  • Tariffs have not led to collapse
  • Countries still need to sell into US
  • US economy can be a weapon
  • Transition is volatile
25:20lesson

Fourth turning — US dollar stable coins and empire

  • Rise of US dollar stable coins
  • Genius Act ensures dollar remains reserve currency
  • Stable coins allow circumvention of local currencies
  • US steals monetary sovereignty from other countries
27:17lesson

Fourth turning — money as war and control

  • Money is war via other means
  • Stable coins are digital assets
  • State co-opts private market innovation
  • Money is system of control
29:36lesson

Fourth turning — situational awareness and money

  • Money has dual nature — free market and control
  • Situational awareness helps understand which definition to use
  • Dime example shows dual value
  • Money is both marketable and system of control
31:37lesson

Fourth turning — money as system of control

  • Money is original matrix
  • Senorage is value of currency vs cost to produce
  • Countries seek monetary sovereignty
  • Euro dollar market lacks control
33:41lesson

Fourth turning — prison and sardines example

  • Money is medium of exchange in prison
  • Sardines become money in free market
  • Cigarettes become money in new prison
  • Situational awareness determines value
35:57lesson

Fourth turning — money as weapon and control

  • Money is weapon — US military doctrine
  • Stable coins are weaponized by US
  • US Treasury exerts control over Euro dollar market
  • Money gives power to those in control
38:13lesson

Fourth turning — US dollar and global dominance

  • US dollar still dominates other fiats
  • Gold and dollars can rise together
  • Gold as percent of reserves overtakes US treasuries
  • Foreigners buy gold due to loss of faith in local currencies
40:34lesson

Fourth turning — US Treasury and Euro dollar market

  • US Treasury exerts control over Euro dollar market
  • Libor moved back to US
  • US controls SWIFT better than others
  • Money is weapon — US military doctrine
42:36lesson

Fourth turning — gold and dollar rise together

  • Gold and dollars can rise together
  • Gold as percent of reserves overtakes US treasuries
  • Foreigners buy gold due to loss of faith in local currencies
  • Stable coins are dollar-based system
44:27lesson

Fourth turning — money as weapon and stable coins

  • Money is weapon — US military doctrine
  • Stable coins are weaponized by US
  • US dollar still dominates other fiats
  • Stable coins are dollar-based system
46:18lesson

Fourth turning — Office of Strategic Capital

  • Office of Strategic Capital in Pentagon
  • Focus on rare earths, critical minerals, energy, and tech
  • Private-public partnerships to develop industries
  • US is taking this very seriously
48:06lesson

Fourth turning — US global power and actions

  • US has done multiple actions without opposition
  • Kicked China out of Panama and Argentina
  • Took over oil production in Venezuela
  • Made UK change policy on Chos Islands
49:59lesson

Fourth turning — AI and global power competition

  • AI is revolutionary technology
  • US-China competition is about AI
  • US needs to win AI race
  • Betting against US is against many groups
51:55lesson

Fourth turning — research and market analysis

  • Market analysis is complex and shifting
  • Research shop provides deep dive reports
  • Reports on sovereign debt, currency mechanics, geopolitics
  • Understanding system helps interpret headlines

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